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Yes, Credit Is Probably Cracking
I keep hearing credit "hasn't cracked yet" despite turmoil in rates, equities and FX.
That's true.
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Thanks. Great post.
It’s hard to imagine the Fed doing QT for more than 12-18 months in the current market conditions. I expect they’ll be back buying treasuries before the end of 2023.
Very useful. Will help to wait for “Bottom™.
Good article
I don’t understand how money can flow out of bond funds. Does that mean new issuance was less than retirement? Otherwise if I sell, someone has to buy and there is no “outflow”, just change of ownership.