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