Recession fears melt away as bond yield spreads fall to new 2023 lows, suggesting more upside for the stock market
The bank said in its July credit investor survey that while a possible recession remained the top concern among respondents, the share of that worry fell to the lowest level since May 2022. Other top fears among bond investors include inflation, rising interest rates, and geopolitical risks.
"Corporate bond spreads reflect incremental confidence in future earnings and cash flows, so the fact that they are near their 2023 lows is significant," DataTrek Research co-founder Nicholas Colas said in a Monday note."Should Q2 earnings come in well , spreads should make new lows for the year. This would confirm the ongoing rally in US equities and set us up for further upside.", bond yield spreads for junk bonds set a new 2023 low on Friday, hitting 3.
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