Credit markets going illiquid?
This goes way over my head but if anyone understand what Jeff Snyder means here, I’m all ears👂🏼
https://twitter.com/jeffsnider_aip/status/1635374476090310656?s=46&t=G2MNFDwislGw3SWcnKl2wA
Discussion
Took my smooth brain a little while to understand the chart.
With April and May contracts trading lower than June, I think that means the market now thinks there will be a recession very soon with rate cuts.
Thank you Sir! That also what I’m seeeing. I’m still baffled how Jeff correlates Eurodollar futures/LIBOR rates to US CDS though… hopefully he’ll explain further on his podcast this week 🙌🏽