‘Rates < HY < IG < Equity': Hierarchy Of Vulnerability Revisited

Last Friday, Deutsche Bank's Aleksandar Kocic laid out what he calls the "Hierarchy Of Vulnerability" for markets "at the intersection of politics and policy." Over the past several weeks, ongoing turmoil at the White House has collided with and exacerbated geopolitical and economic policy uncertainty, with the former manifesting itself in the decision to replace H.R. McMaster with notorious war hawk John Bolton and the latter represented by the apparent victory of the protectionist contingent