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Ford's Rise to Investment Grade Sparks Historic Shift in Junk Bond Market!
Ford's recent credit rating upgrade to Investment Grade status triggered a remarkable $46.8 billion exit from junk bond indexes, marking the most significant reduction in the global junk bond benchmark since 2005. This makes Ford the largest "rising star" in history. It underscores a transformation in corporate priorities, with a heightened focus on financial resilience amidst economic uncertainties. The trend of "fallen angels" descending into junk status has notably decelerated, and analysts anticipate more companies achieving investment grade status in the coming years. Source: Bloomberg #Finance #InvestmentGrade #JunkBonds 📉📊📈
Markets are now betting on big rate cuts next year
This chart shows that money markets have raised policy-easing wagers since the middle of October: by September 2024, the FED should have cut by 70 basis points, the ECB by 65 basis points and the BoE by 40 basis points. (pricing is derived from swap rates tied to policy-meeting dates) Source: Bloomberg
Key Events This Week:
1. Fed Chair Powell Speaks - Wednesday 2. Initial Jobless Claims - Thursday 3. Fed Chair Powell Speaks - Thursday 4. Consumer Sentiment data - Friday 5. ~10% of S&P 500 reports earnings this week 6. Total of 12 Fed speaker events All attention remains on the Fed. Source: The Kobeissi Letter
A very interesting chart highlighted by Tavi Costa
This is the largest number of workers on strike in the history of the data. As corporate profit margins remain comfortably above their typical averages, it leaves room to absorb increased labor costs. This could contribute significantly to inflation. Source: Tavi Costa
Last week "pain trade" in one chart
-> Last week's Risk On move has pushed Hedge Funds to cover their shorts, triggering violent short squeezes. The Goldman Sachs Most Shorted Stocks Basket jumped by 13% over the week. Source: Bloomberg, HolgerZ
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