2023 Commentaries

There are NOT 36pbs of rate cuts priced in by year end

Before discussing today’s topic, I want to clarify a couple things on my “got junk?” trade recommendation for 2023. First of all, I want to reiterate that I do not see a compelling case for spoos to move out of the range we have been in since last June. That was my view during the […]

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Got Junk?

I’m not sure how it happened, but in what feels like the blink of an eye, I am beginning my 14th year of writing on the global macroeconomic outlook here at Jefferies. Over these years, clients from all walks of financial market life have universally come around to the notion that macro risks must be […]

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