Rate accompli: Are rising interest rates bad for all assets?
Many Happy Returns
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The Yield on HYG Is 5.3 Percent
The current 12 month yield on HYG is 5.3 percent and we're still a long way off that. Yields are increasing very rapidly as the price falls but it's still not looking particularly juicy. Would we have to enter a real real economic crisis to see it get to a yield where you'd be happy that kind of eight percent level? I think we're going to need to see some defaults. A lot of those zombies will be pushed over the edge.
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