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BofAML High Yield CCC

Acceleration

By |2015-12-14T11:47:02-05:00December 14th, 2015|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There isn’t much commentary needed here, as the prices and yields indicate everything relevant and important. I would only add that seeing August 24, October 15 and now the change (in acceleration) in December all add up to something different than the FOMC’s whatever influence. There is no monetary policy reason for the August 24 global liquidations to show up [...]

Very Disturbed: Selloff Accelerates and Spreads

By |2015-12-09T17:01:00-05:00December 9th, 2015|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

This belongs with the last post on the highly “disturbed dollar” but I felt it deserved its own separate piece to feature downstream of funding. Given the liquidity backdrop describing a broad range of extraordinarily disconcerting prices and liquidity rates, the selloff picking up pace in junk is anticipated. Even still, the nature of the crash and that it is [...]

The Wrong Kind of Fertile Ground

By |2015-11-30T11:39:32-05:00November 30th, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

On December 11, 2014, spot WTI closed at $60.01, down sharply from $76.52 the week before that Thanksgiving. In the space of only a few weeks, oil prices had collapsed far more than anyone thought possible; and yet there was very little urgency to the outcome. Economists, in particular, parroted throughout the media, were quick to assert both a supply [...]

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