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Peak Credit Complacency

Add these two charts to your list of things to totally ignore…

Peak Credit Complacency: US High-Yield Corporate Bond risk is once again below the 400bps level – which in the past has not held long…

h/t @Pierpont_Morgan

And Peak Equty Valuations: The Shiller CAPE is now in the top 3.9% of all occurrences since 1881 – probably a good time to Buy the record highs?

h/t @DonDraperClone

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Bonus Chart: As far as complacency in credit markets is concerned, we hope this helps explain the level of cognitive dissonance…

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