The Daily Market Catch
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Ignore this chart if you LIKE surprises! Especially if you trade stocks within $IGV $VIX $HYG
US LEVERAGED LOANS (yellow) are under pressure due to continued outflows ($36 Billion YTD), but US BB CLO tranches (white) are underperforming loans by a lot. This is unprecedented. The cause? Fundamental weaknesses are raising lots of concerns in the sub-IG CLO market. Nicolo Macellari:
As Danielle DiMartino argues, this chart suggests why Powell is trying hard to divorce the act of $60 Billion in monthly purchases from the term “QE”.
Theme of my Gone Fishing Newsletter: The ‘Numbing Effect’ of Uncertainty
Top Reads / Videos
“the repo market is showing us a symptom of debt saturation and massive risk accumulation”@dlacalle_IA
For more charts and links like these check out my twitter feed.
To Great Fishing!
CIO LaDuc Capital LLC
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