MacroVoices #352 David Rosenberg: This Bear Market Has A Long Way To Go
Macro Voices
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Canary and the Coal Mine
If bonds do rally, but the recession becomes a real risk, then we should see it start to reflect in finally credit spreads widening. With high interest rates and usually shorter durations, inevitably, these junk bond companies will have to be either refinancing at higher interest rates or ultimately come under duress. And that could be really where, again, like the canary and the coal mine could end up being for a turn in equities.
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