“This Will Be Like 1994”: Credit Investors Are Getting Worried About The Fed

“This Will Be Like 1994”: Credit Investors Are Getting Worried About The Fed

Last week, investors began to question the extent to which exceptionally loose financial conditions and strong incoming data might have left the Fed woefully behind the curve. Those worries were reflected in rising yields, amplified by Wednesday's blockbuster ADP print, and allayed by Friday's "just right," "Goldilocks" NFP number: We've argued that had NFP printed a 300-handle, we might have gotten a mini-tantrum as investors tried to price a much more aggressive FOMC. So as we await the
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