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Defaults have picked up in 2023 and
will increase into next year among
weaker borrowers |
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00:01 -
04/10/23 |
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Hedge Funds have now built the largest short position in
U.S. Treasuries in history |
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S&P 500 Utilities Sector XLU today hit lowest point since
Jun 2020 & worst session since Apr2020. Worst performer was
NextEra Energy, which was down 9% today & is off by >20% in
past week due to financial headwinds like higher rates and
the cost of capital on renewables. |
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The escalating risk from the global destruction in
collateral value of fixed-income securities in a highly
levered economy is profoundly concerning. |
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From US to Germany to Japan, once unthinkable bond yields
now new normal. Selloff has been so extreme it’s forced
bullish investors to capitulate & Wall St banks to tear up
their forecasts. Yields on 10y German debt close to 3%, a
level not reached since 2011. Their US equivalent |
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