It takes reassurance from stock indices flirting with new highs, growth stocks trading at healthy valuations and emerging companies going public despite no promise of profits. And it points to the fact that spreads on high yield bonds and leveraged loans (the extra yield over and above a government bond) are near historical lows.In summary, worry? context, this kind of disagreement is not uncommon. It happens from time to time, although the current version is more extreme and extended than any that I can remember.
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