Recession, talks have been replaced with a soft landing narrative are market participants getting too comfortable. Guggenheim Partners, Investment Management co and Walsh warns that credit may be the next shoe to drop, encouraging investors to remain cautious despite the headline resilience of the US economy. Well, I don't think the market is really pricing in sort of the next shoe to drop. And that's credit right now.

The focus is on rates and, and I always like to say, don't fight the Fed. It used to be a mantra for us for decades, but it seems like there's so many cross currents of information that are happening right now that really investors are trying to fight the Fed and the Fed is very much focused on continuing to fight inflation. They're going to keep rates higher for longer, which was actually what we anticipated and they're going to continue to work to slow down the economy. And frankly, I know recession seems to be off everybody's mind, but I think that that's probably a mistake at this point in time.