High Yield Spreads: out close to their cyclical highs; ~800 bps above Treasuries
Investment Grade Spreads: at their cyclical highs ~300 bps above Treasuries (higher than High Yield spreads just last summer)
MBS Spreads: down a whopping 60 bps and STILL some room to go to reach levels when they were only "implicity" guaranteed by the government
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