2 July 2019
June 2019 - Declining rates expectations generally negative for credit spreads - Tactical Fund Manager's Comments
The below chart compares the USD Swap OIS 10y (an indicator of rates expectations) to High Yield credit spreads. The relationship between these two measures appears to be clear since 2012, advocating for the fact that reactive central banks are not a guarantee for risk assets stability.
Source: Bloomberg, RAM Active Investments, as of 30.06.2019
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