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For the market we have a really interesting situation.

High yield has been decently bid over the last couple of weeks because the Fed has stepped in at a time

when the energy sector is increasingly under pressure. So what do you do if you're an investor?

Well listen to this from Jeffries. The Fed is in danger of making the skill set of investors in credit redundant

if the game only becomes front-running the next area of debt the Fed is going to buy.

Let's have that conversation right now, shall we we with Jim Kerr and Morgan Stanley Investment

Management Fixed Income Portfolio Manager Jim.

Great to catch up with you sir.

Your thoughts on that quote, high yield looking dicey with crude rolling over, looking

okay with the Fed ready to step in.

Yeah so you know for me this is a question of insolvency issues and in liquidity problems

so one of the things that we've said over and over and over again

...