Why do credit spreads matter?
Over the last few weeks, we've seen a tonne of different narratives pop up...
Russia vs Ukraine (no not a European friendly, very much a European UN-friendly)...
The Fed, fedding...
Inflation still ticking higher (STILL TRANSITORY AND I WILL DIE ON THIS HILL)...
European data flattening...
Bear flattener trades being slapped on...
European rate spreads widening...
You get the picture.
There's a lot going on, but there's no real expected follow through to risk!
Well, why?
What people are still not quite getting is that there is a power dynamic going on right now, of expectations vs actual activity.
And
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