Fed putting massive money into system today. Stocks rising but credit near the lows/ not believing it.
— Gains Pains & Capital (@GainsPainsCapit) March 20, 2020
Credit can certainly get worse: ratings, quality & covenants are both crappier than they were a decade ago. The upside is that the Fed moved much faster to stop forced liquidation with their new facilities (mostly PDCF) if you're comparing to the GFC. Selective entry warranted pic.twitter.com/66It0mWoqR
— THE LONG VIEW ⚫️ (@HayekAndKeynes) March 20, 2020