WTF Chart Check: Don’t Forget About France

Between the market reaction to incessant Fedspeak…


…and the Tiny Tim-ish Christmas miracle we all experienced on Tuesday night when Donald Trump proved he could read off a teleprompter…

… it’s easy to forget that France is on the verge of descending into nationalist hell. 

So lest it should slip your mind that for every “success” Trump has, the odds of a French electoral “accident” increase, consider once again the disconnect between asset prices and policy uncertainty in Paris as illustrated here by HY spreads versus the EPU:


(BofAML with Heisenberg’s big red additions)

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