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Block Works Research
The way you get most gain at this stage of the cycle is out of credits. But wouldn't defaults be increasing because the economy is slowing down? Well, that's the supposition. And I'm not a credit analyst or a bond credit analyst, but all I would say is that maybe the markets are telling us something in terms of what you're seeing. The fundamental problem that the US bank, the banking sector has got comes back to the fact that the yield curve is inverted right now. They didn't do the hedging anyway. Harold Gray: You should beware when we're entering a recession and central banks are injecting huge liquidity.