On The Call @ Hedgeye this morning, Macro analyst Josh Steiner and CEO Keith McCullough discuss disconcerting credit default swap developments, combined with plummeting consumer confidence. It creates a very grim outlook going into 4Q22.
"Credit default swaps around the world, at both the bank and country level, are continuing to widen out,” Steiner notes. “That comes on the heels of this unbelievably bad German Consumer Confidence number. All of that paints a pretty bleak picture. We’ll be digging into that quite a bit on our 4Q22 Macro Themes Call, tomorrow at 11am.”
"Yesterday was one of the biggest days in US history from a put-buying perspective and all the US listed credit ETFs," McCullough says. "They’re trying to hedge what they can’t get out of.”
CLICK HERE for info on subscribing to Macro Pro