The Bond Vigilante Bubble in 0708 - What's the Risk?

The credit risk component, whether it's sub prime or housing mortgage back securities, or like say, if you look at corporate credit spreads, those were blowing out right so there's the duration component of a bond. The thing that gets really interesting is if central banks are supposedly reducing their balance sheet supposedly going to continue to like rates. When does the credit risk rapidly get priced in versus what we've already seen which was the duration unwind? So a great question. No one ever knows. New issues, reprice markets. And since there hasn't really been any new issuance in the high yield land. It seems like the bubble has this duration component on wines and as that long dated risk