Risk assets really seem to want to do better in here - high yield in the USA and Canada specifically. Flows into the asset class are enormous right now as investors begin to realize that the asset class provides the best risk-adjusted returns of all. The 5-week inflow into US HY mutual funds has been about $10.5bln. This has come at the expense of equities. Combine that with extremely low dealer inventories and we are setting up nicely for a credit rally into year-end.