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Upping The Credit Cycle Pressure

The corporate junk bubble had gotten so beaten up and so dire that removal of the liquidation pressure was bound to attract bargain hunters and momentum chasers. Despite all that has happened, the lust for huge potential gains remains constant. Where that might have been more expressed upon the short side last year, with the end of the last liquidation [...]

Big Change In Risk Perceptions

By Jeffrey P. Snider|2015-12-18T20:02:07-05:00December 18th, 2015|Bonds, Economy, Federal Reserve/Monetary Policy, Markets|

The Fed’s industrial production series also includes estimates on total motor vehicle assemblies. Auto sales in general have been one of the only bright spots in the economy, especially since the 2012 slowdown (even though it has been boosted artificially via credit far, far more than income gains). Given that trend, it is still difficult to assess whether activity in [...]

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