Downgrade

$176bn worth of corporate bonds has fallen from ‘A’ to ‘BBB’ so far this quarter – the highest since late 2015 when low oil prices sparked a wave of fallen angels in the commodities space. Via Goldman:

Canary in the coal mine

BlackRock shares drop to the lowest level since March 2017.

Lethal Mix

Business cycles may not die of old age, but if financial booms develop alongside, they become more fragile-BIS

Save the World

Crush the dollar and save the markets. It worked two years ago. Will they try it again?