In this post, TeamMacroMan make a few good points:
1. The smart corporates are issuing debt (IBM sub 1%). The good companies usually issue debt at the lowest possible interest rate (duh)
2. fixed income trades seems very crowded (by both mainstream media and trader positioning standards)
I agree with their thought that these factors (plus the greatly appreciated likely absence of Fiscal Stimulus 2.0) could result in a very brutal snap to the upside for interest rates.
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