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Financial stress levels are spiking, one reason why the Fed announced a truly massive ($1.5T! ) liquidity injecti0n today. There are signs that rising financial stress and falling bank stock prices has begun to leak into credit restriction. We need … Continue reading →

As I mentioned in my last post, just under half of outstanding corporate bonds are rated Baa, the lowest rung of Investment Grade. The collapse of oil prices this week has triggered a flurry of warnings of possible downgrades. See … Continue reading →