But but but… US economy is solid… curve will steepen… NIM… banks… bullish… buy… except that the market’s perception of the credit risk in US financials is at 19-month wides. With counterparty risk rising, is it any wonder financial stocks are crashing?
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Eerily reminiscent of 2007 sadly. Credit spreads started to bleed off record tights… stocks ignored it… then it all went pear-shaped.
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Charts: Bloomberg
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