Finally Some Volatility

Key Points


FOMC explicitly signaled the tapering announcement could come as soon as next meeting, sending some short-lived volatility to the rates market

German federal election – no big victory and a more centrist Bundestag

Evergrande risk remains local while its USD bond coupon payment has now entered the 30-day grace period, no tangible risk seen in DM credit

DM credit spreads have given back part of its straight gain MTD amidsome volatility, orderly pricing action shows a generally rather balanced positioning among average money managers

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