With Fed hikes coming to an end and more clarity about what the Fed will do, we should continue to expect lower implied vol in rates.

And lower rates vol and more macro certainty is good news for credit, and it should continue to narrow IG credit spreads, see chart below.

ECI wage inflation is coming down, and the consensus is expecting nonfarm payrolls on Friday to come in at 190K, and none of the indicators the NBER recession committee normally looks at suggest that we are in a recession at the moment, see chart below and here. It continues to look like a soft landing.