This Has Only Happened 3 Times Since 1984

This Has Only Happened 3 Times Since 1984

Just in case you were wondering, we're not going to let the whole "HY is in a bubble" thing go. Because for the thousandth time, it's hard to imagine how spreads can possibly compress any further, especially considering i) where oil was trading the last time spreads were as tight as they are now, and ii) the ongoing drag from the train wreck in brick and mortar. Of course lurking in the background is the same worry that hangs over all risk assets - namely that the disconnect between political/
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