<p>A rate cut can lower the risk-free anchor, but it does not automatically make risky borrowers safer. Michelle and Vox explain why credit spreads can widen when markets expect easing, how investors should separate rate relief from default risk, and why recent private-credit stress offers a useful case study.</p>

A rate cut can lower the risk-free anchor, but it does not automatically make risky borrowers safer. Michelle and Vox explain why credit spreads can widen when markets expect easing, how investors should separate rate relief from default risk, and why recent private-credit stress offers a useful case study.

S1E169 - When the Cut Comes With a Wider Spread

Thinking in Markets focuses on the structure behind global markets — time, liquidity, and the interaction between futures and cash sessions. From macro instruments like rates and FX to equities across Asia, Europe, and the U.S., each episode turns complex systems into simple, durable frameworks.

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S1E169 - When the Cut Comes With a Wider Spread

S1E169 - When the Cut Comes With a Wider Spread