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CREDIT INDICATOR UPDATE

We’re getting mixed signals across the credit markets.  On the CMBS and ABS side we are seeing continued asset deterioration and a clear sign that the reflation trade is not working where the Fed is targeting it.

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The TED spread continues to improve as LIBOR normalizes from extremely stressed levels.

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As we mentioned last week the commercial paper decline represents the alarming and continuing threat of deflation across the economy.

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Like the TED spread, the discount rate spread continues to normalize off severely stressed levels.

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High yield bonds remain at elevated levels compared to the pre-Lehman debacle, but continue to show signs of improvement.

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