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