A tinderbox waiting to explode? When spreads are this low, and complacency this high, that means everyone is on one side the market. Not because they want to be, they have to be. And they all believe that they'll be able to get to the exits even though everyone is searching for the same signals. 

Eurodollar University's Money & Macro Analysis

Bloomberg Money Managers See Dangers in Credit’s Eerie Calm
https://www.bloomberg.com/news/articles/2025-02-17/credit-s-eerie-calm-has-some-money-managers-seeing-danger-signs

Bloomberg Junk Bond Guru Sees Rising Distress Ahead as Banks Tighten Lending
https://www.bloomberg.com/news/articles/2025-02-15/junk-bond-guru-fridson-sees-rising-distress-ahead-credit-weekly

BIS The market turbulence and carry trade unwind of August 2024
https://www.bis.org/publ/bisbull90.htm

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU