Did Credit Investors Just Give Up On The Trump Agenda?

A couple of days ago in "One Word And One Word Only: 'Duration'," we noted that when central banks pull the punch bowl, you'd better not have your hand in the duration cookie jar. Here's how BofAML explained things: US elections, the global reflation trade and rising political risk (Nov’2016 — now):Recently we have seen a very strong bid for short-dated IG bonds. Investors are trying to cut duration risk as (i) rates have moved aggressively higher and more importantly (ii) curves have steep