Bank of America: "The Last Time We Saw This In The Market Was 2007"

Yesterday, we presented readers with a troubling note from Morgan Stanley which attempted to answer arguably the only question that matter for the future of risk assets: "is the late stage credit cycle about to crack?" And with just under $1 trillion in anticipated stock buybacks in 2018 - which would be almost entirely funded through new debt issuance - whether or not credit remains a viable, and cheap, funding pathway has become the most important question in the financial world....(read more)

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