LISA: -- THE OUTLOOK FOR CREDIT INVESTING MORE BROADLY. YOU TALKED ABOUT HOW THE U.S. IS GOING TO GO BANKRUPT AND IS ON AN UNSUSTAINABLE FISCAL PATH. DO WE SEE THAT PRICED IN OR IS THERE STILL A RECKONING TO COME.JEFFREY: IT'S CERTAINLY BEHAVING DIFFERENTLY THAN IT WAS FOR THE LAST FOUR DECADES. WHAT WE'VE SEEN IS IN THE LAST 15 YEARS THERE'S BEEN A NUMBER OF CORRECTIONS ON THE S&P 500 AND EVERY ONE OF THEM, THE S&P WAS DOWN MORE THAN 10%, THE DOLLAR INDEX, THE TRADE-WEIGHTED DOLLAR INDEX GOES UP. THIS TIME ...

(gentle music) - [Narrator] After the big tariff announcement, something happened that shocked economists, and it wasn't the stock market dropping, it was the value of the dollar dropping. Usually in times of market turmoil, it increases because investors are flocking to the US for safety. - We saw exactly the opposite.Money fled from the US for safety instead of to the US for safety for the first time in my memory. - That was a sign that something was getting different and that people weren't just shifting ...