
Alex Krüger|Sep 16, 2025 19:57
"Spreads on investment-grade bonds are at the lowest levels since 1998."
Many interpret this as extremely bearish, highlighting irrational exuberance and signaling an imminent implossion.
Wrong.
The reason corporate spreads are so low is simple and rational: corporate debt levels are extremely low, while government debt levels are extremely high.(Alex Krüger)
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