While You Were Watching The VIX, Credit Did This…
Let's talk about complacent credit markets again.
See the thing is, you're too focused on volatility (or a lack thereof) in equities and because of that, you're missing out on where the action really isn't (get it?).
Credit, as we've noted extensively, is passed completely out and that's really not too surprising considering voracious ECB buying (you're reminded they're not really tapering CSPP or at least they haven't been lately) and the simple assumption that as long as the central bank bid