Outperformance in credit. Corporate dons on track for the best returns in a decade, but how long can the rally continue . Begin with the big issue, markets betting low rates are here to stay in 2020. It is hard to see the yield breakout from here. Bond yields moving sideways. We cant generate any inflation right now. Attractive but certainly not breaking out. 1. 20 by the end of the year. If we get attractive but certainly not breaking out. To 1. 2 on the 10 year, we are looking at a global recession. We are going to test 1 . A lot of things have to be t going incredibly wrong to get to 1 . Unless the market begins to price in additional cuts, the 10 year, at most, will drop down to the 1. 60 range. The fed will probably not cut again. If there is any weakness in the data, you will see an outsized rally in bonds. Least resistance has been lower, and i see no reason to see that change in 2020. Taylor can we break out of the 2019 . Set in joining us from new york are collin martin, peter