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Bad News is Good News
The Compound and Friends
The Market's Right. There's No Buyer for Bob's Except the Fed.
I haven't heard a lot of concern about liquidity yet in the financial media. But we had a liquidity issue in 2019 with the repo stuff before the pandemic. The Fed was intervening in overnight money. So that is, I think that could be the kind of thing that maybe makes them rethink how far they want to go. If there's no bid, isn't the application that the market's expecting higher yields, right? That's the obvious indication there. And junk bonds are yielding 9% fallen angels which used to be investment grade just got knocked out.
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