We Told You So: Junk’s Correlation With Oil, Copper Suddenly Skyrockets

We Told You So: Junk’s Correlation With Oil, Copper Suddenly Skyrockets

Those who frequent these pages will recall that as oil prices collapsed last week, we flagged the rising correlation between HY spreads, copper, and crude. From Saturday's "Junk Warning: You Are Here": Get. Out. Of. Dodge. Now. And from Thursday's "More Trouble": Now, the reflation narrative is under siege not from rates (which are rising), but from plunging crude (and the concurrent widening of HY spreads), pressure on EM and commodities, and the distinct possibility that an overzealous F
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