the  forest  for  the  trees

Two things that caught my attention this week, 12/16/18:

  1. Big week – Fed meeting.  In our view, Fed’s choice = lose a little credibility now (by backing off hike)s, or lose a lot of credibility in 1q19 (by potentially being forced to take more drastic action.) 
  2. Most pronounced HY market issuance drought in 10 years yet another important signal that the economy is slowing down rapidly – will the Fed heed the message this week? 

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Luke Gromen, CFA
Forest for the Trees

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