This Has Only Happened 3 Times Since 2012 (Banana Republic Edition)

Ok, so do you want to see something funny?

And also something anomalous?

And also something to break this goddamn Thursday afternoon monotony that finds me combing through anything and everything for something to say?

Of course you do and even if you don’t, I’m going to show it to you anyway. Have a look:

So that’s US junk bonds sporting higher yields than emerging market junk bonds for only the third time in six years.

What should you make of that? Well, that depends on whether you want the real answer or the funny answer, and on Thursday, I’m more inclined towards the latter.

But for those of you who are serious, Bloomberg’s Mitchell Martin notes that this “largely reflects the prevalence of call features on the U.S. securities, which creates extension risk when Treasury yields are rising.”

For those of you who want the funny version, you could simply say that this is more concrete evidence that America under Trump is literally becoming a banana republic…