‘The Risk Has Risen’: When Will Oil Prices Matter For Junk?

“In our view, the bar remains high for oil prices to become the main directional driver of HY spreads but the risk has risen.”

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Stocks Fly To Records, Global Risk Rally Continues As Bad Data, ‘Good’ Yellen Keep Hope Alive

The message is loud and fucking clear: the vol. seller’s/ carry trader’s paradise and the risk party that’s made every homegamer with some SPY and QQQ look like a guru for the past eight years depends on DM central bankers staying some modicum of dovish. And on that score, bad data helps.