And The “Biggest Risk” To Credit Markets Is…

As we and countless others have documented extensively, the resiliency of credit (manifested in a steadfast refusal to sell off in the face of all manner of negative catalysts that should, all else equal, have led to wider spreads), has been nothing short of remarkable. Both IG and HY have had a one-way ticket tighter since the deflationary doldrums of early 2016 and the ranges have been so narrow that you'd be forgiven for thinking no one was even manning the desks. When you consider that thi