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Credit Market Carnage And The Big Surprise For This Week
Greetings,
Credit Market Carnage And The Big Surprise For This Week
With market participants eagerly awaiting the Fed’s decision on interest rates this week, today King World News is featuring a powerful interview with one of the greats in the business discussing the credit market carnage and a possible big surprise for this week.
James Turk: “We have finally reached that moment, Eric, when the Fed will announce whether it is going to raise U.S. dollar interest rates, which have remained unchanged for seven years. The announcement will be made Wednesday afternoon at the conclusion of the Fed’s two-day meeting…
Turk continues: “Through the release of the minutes from the Fed’s previous meetings as well as its numerous public pronouncements over the past several weeks, Fed officials have indicated that rates will rise by 25 basis points (0.25 percent). But there are still good reasons to believe that the Fed will again choose to keep interest rates unchanged with its target Fed funds range remaining at 0-0.25 percent.
Credit Market Carnage
For example, credit markets globally are in disarray. We are seeing this particularly in the junk bond market because the weakest link of the chain always breaks first.
When it comes to credit, they are called “junk bonds” for a reason. These are bonds of companies that rest on a knife-edge between solvency and bankruptcy. The slightest hiccup can create a disaster for these companies, so oil companies that borrowed excessively thinking that crude oil prices would never fall below $60 a barrel are suffering the consequences…….more here
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