The trade war has already caused significant damage to business confidence, additional trade uncertainties remain, and global growth is decelerating. These factors should directly impact corporate profitability later this year, but are not yet reflected in spreads due to the Fed-fueled yield grab.  Dan Krieter and Dan Belton bring you their outlook for investment credit spreads as the Fed cuts rates and the economic cycle eventually turns. They also discuss the market impact of the pending Fed Repo Facility in this first edition of their monthly roundtable on high quality spreads.