Aus macro markets
Things are moving fast, and hence why you might be seeing this graph a little more frequently than normal. Aussie 10s through 3%, look at the yield on investment grade credit.
We avoid the “niche” private debt market, the slightly more exotic fixed income hedge fund space, and I’m quite willing to believe many high yield sector focus funds will be feeling considerable pain.
But the main point of this note is to think about how if investment grade credit is paying this much, what homeowners (e.g. their mortgage rates) are going to wind up looking like.
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