As a reminder... the SPECTACULAR rally of 2009.
We'll see if this continues. One day is in most cases just noise, but it looks like a high beta sell-off this morning as a flight to quality has sent 10 year Treasuries to 3.54% (down almost 50 bps over the last month).
Source: BarCap
Falling default rates have a big impact but still it takes some gumption to step up to the plate and capture these returns. At this point probably wise to wait for the next big widening before overweighting junk.
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