00:00Duration is less interesting here. I think we've got more conviction in investing on the consumer side. So consumer loans
00:07we continue to see strengthening the consumer.
00:09And then you mentioned some of the hyperscaler issuance. I think it's less about a particular sector and more about
00:16there have been a couple of issues coming in the investment grade market and maybe the market's less receptive to
00:22quick fast deals.
00:23You've had some deals that have come at not as high of much wider new issue concessions than the kind
00:30of two bips that we've been running. But overall the backdrop for fixed income remains strong and we continue to
00:35see very strong flows.
00:37So we're more looking at opportunities to put that to work to find good carry in portfolios than focused as
00:43much on the duration curve here.
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