Cheers Rhodes. Just on the question, if you were unaware they are also known as "junk" bonds in the US. Does that change the perspective? To be honest though need to look at the spread between treasuries and junk bonds to a meaningful read The data is delayed a few days here, so we can keep ahead of the game comparing HYG to TLT
https://fred.stlouisfed.org/series/BAMLC0A4CBBBEY
The Big Boys, page-784
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