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...

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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