Stable early Monday morning pricing in the banking sector provides hope but no guarantee of a less volatile week ahead. The U.S. Federal Reserve (Fed) and Bank of England each signaled last week that their tightening cycles could be near an end, but it is a complicated picture. Inflation remains well above target, but market turmoil has triggered a tightening of credit conditions for now at least. Several Fed governors may shed light on recent deliberations when they speak this week, while we will also receive inflation-related data, most notably the U.S. PCE and Eurozone CPI figures on Friday. Downgrades are increasing and we are seeing more activity on the cusp of investment grade, with rising stars and fallen angels both increasing.