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The Credit Cycle Just Flipped (The Stock Market Is Next)
Did the credit cycle just completely flip — so, are stocks next?
For more than a year, the warning signs were concentrated in the weakest parts of the system. Private-credit funds restricted. Leveraged loans. CCC-rated bond spreads. Distressed borrowers.
Yet investment-grade credit remained completely calm. High-quality corporate debt was supposedly safe, and therefore the broader financial system—and the stock market—had little to fear.
That assumption is now being directly challenged.
Eurodollar University's Money & Macro Analysis…
The skinny
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