Credit Spreads Are Too Tight
Investment-grade and high-yield spreads are near post-GFC tights. History suggests this level of complacency is rarely rewarded.
Short-form observations on markets, positioning, and price action.
Investment-grade and high-yield spreads are near post-GFC tights. History suggests this level of complacency is rarely rewarded.
The DXY has rallied to 106. We examine the implications for emerging market assets and the feedback loop between dollar strength and global liquidity.