‘Morphing Into A Structural Shift’

For all the celebration (and simultaneous derision) around the Fed's success in helping to drive corporate borrowing costs to record lows, credit is still wide to equities, suggesting a structural shift. The Fed's backstop for investment grade credit and fallen angels (and especially the central bank's purchase of credit ETFs), brought out the "moral hazard" calls. For months, everyone from serious market participants with an actual, financial stake in the matter to netizens with no discernible

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