“Never in the history of markets has a crisis of such magnitude been translated into such low risk premiums,” the team said of the credit rally, with investment grade debt yielding 0.65 per cent, whilst junk companies yield 3.7 per cent.
“Obviously, nothing in the ‘real economy’ justifies such euphoria, but one does not fight central banks at their QE game,” the team observed. “The QE-spurred bubble can last for years and years, until the cracks in the real economy and the social disparities it fuels finally push the system over the edge.”
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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