BofA’s Shocking Admission: Here’s What Saved Us From “The Recession That Wasn’t”

So as you know, high yield has staged what can only be described as one helluva rally off the deflationary doldrums of early 2016. Specifically, the mammoth spread compression looks like this: That should give anyone with any sense pause if for some reason you were considering getting long at what are damn near multi-year tights. Well on Tuesday, BofAML was out with their latest "HY Wire" note which for all intents and purposes simply says this: if you're getting in now, the best you can ho