The selloff in the riskiest corners of the credit market has been significant over the past month, yet there are worries it is nowhere near enough. Some have called it the financial system's gray swan, the most glaring inconsistency nearly everyone is simply ignoring or trying to paper over. As the economy deteriorates - with more evidence today - the risk to the system only gets bigger and louder. 

Eurodollar University's Money & Macro Analysis

Bloomberg US Recession Fear Raises ‘Gray Swan’ Risk for Bond Investors
https://www.bloomberg.com/news/articles/2025-04-01/us-recession-worries-raise-gray-swan-risk-for-bond-investors

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