MacroVoices #357 Darius Dale: The Recession is Coming But Not Until the Second Half
Macro Voices
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Credit Spreads - Is the Credit Cycle Yet to Be Priced?
The dotted lines in this chart correspond to the peak and or trough of the particular indicator in each of the last three recessions. The relationship between high beta stocks and low beta stocks are all well you know shy of the levels that they traditionally have gone to during these very different very disparate recessions. It's ultimately it's our belief that the credit cycle has yet to be priced and really quite frankly is yet to be seriously entertained by asset markets.
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