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Surveillance: Long Lasting Credit Tightening

Bloomberg Surveillance

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The Long-Term Outlook for Bonds

We like tactically trading, but erring towards being long because our view is for economic deterioration. We have seen on the auto loan side now really across the FICO spectrum a bit of deterioration. Small businesses in the US employ a very large percentage of the population. So their outlook is pretty important and it's not particularly compelling when you look at the data.

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