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CDS Is Grossly Disconnected From EM, So Now Is A Great Time For A CDS ETF!
Where are markets underpricing the myriad risk factors that currently cloud the outlook, from developing economy turmoil, to Italian fiscal risk to trade war jitters?
Well, certainly in U.S. equities, which are still hovering near all-time highs despite ongoing chaos in EM.
The disconnect there makes at least some measure of sense. After all, the same factors that are contributing to EM turmoil are also buoying the U.S. equity market. Late-cycle fiscal stimulus created a buyback bonanza states
