There are large signs of stress now present in the credit markets. You might not know it from today’s multi-generationally low interest rates, but other key measures such as liquidity and volatility are flashing worrying signs.
Look, we all know that this centrally planned experiment forcing financial assets ever higher is simply fostering multiple bubbles, each in search of a pin. As all bubbles do, they are going to end with bang.
I keep my eyes on the credit markets because that’s where the real trouble is brewing.
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