Editor's Note: Below is a chart and excerpt from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.
As Josh Steiner, our head of Financials Research, summarily commented yesterday:
Unless we see a durable re-inflection in the growth cycle, the next few quarters are likely to see progressive caution and similar constriction in the collective credit box. In other words, the State of the (Global Macro) Union to start 2019 remains one of discrete Deceleration with an investing citizenry conditioned to the pervasive but vapid notion that policy driven asset price reflation isn’t subject to term limits. |