{"id":1122,"date":"2011-10-04T21:24:35","date_gmt":"2011-10-05T01:24:35","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1122"},"modified":"2011-10-04T21:24:35","modified_gmt":"2011-10-05T01:24:35","slug":"guest-post-credit-spreads-in-the-new-normal-zerohedge","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/guest-post-credit-spreads-in-the-new-normal-zerohedge\/","title":{"rendered":"Guest Post: Credit Spreads In The New Normal | ZeroHedge"},"content":{"rendered":"<blockquote><p>A banking crisis implies easy money, ZIRP, various types of balance sheet expansion, and lower credit quality on central bank balance sheets. This acts to suppress credit risk, compressing spreads. This creates \u201cartificiality\u201d in credit market insofar as a central bank is not a natural buyer of higher risk securities. There will come a time when risk is moved off central books, and markets will have to learn how to re-price risk with no government support.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.zerohedge.com\/news\/guest-post-credit-spreads-new-normal?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Guest Post: Credit Spreads In The New Normal | ZeroHedge<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A banking crisis implies easy money, ZIRP, various types of balance sheet expansion, and lower credit quality on central bank balance sheets. This acts to suppress credit risk, compressing spreads. This creates \u201cartificiality\u201d in credit market insofar as a central bank is not a natural buyer of higher risk securities. There will come a time &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/guest-post-credit-spreads-in-the-new-normal-zerohedge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Guest Post: Credit Spreads In The New Normal | ZeroHedge&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,6],"tags":[884,1352,3743],"class_list":["post-1122","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-fixed-income","tag-credit-spreads","tag-fed","tag-zirp"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guest Post: Credit Spreads In The New Normal | ZeroHedge - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guest Post: Credit Spreads In The New Normal | ZeroHedge - the patient investor\" \/>\n<meta property=\"og:description\" content=\"A banking crisis implies easy money, ZIRP, various types of balance sheet expansion, and lower credit quality on central bank balance sheets. This acts to suppress credit risk, compressing spreads. This creates \u201cartificiality\u201d in credit market insofar as a central bank is not a natural buyer of higher risk securities. There will come a time &hellip; Continue reading &quot;Guest Post: Credit Spreads In The New Normal | ZeroHedge&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/guest-post-credit-spreads-in-the-new-normal-zerohedge\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-05T01:24:35+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Guest Post: Credit Spreads In The New Normal | ZeroHedge\",\"datePublished\":\"2011-10-05T01:24:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/\"},\"wordCount\":95,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"credit spreads\",\"Fed\",\"ZIRP\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"Fixed Income\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/\",\"name\":\"Guest Post: Credit Spreads In The New Normal | ZeroHedge - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-10-05T01:24:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/04\\\/guest-post-credit-spreads-in-the-new-normal-zerohedge\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Guest Post: Credit Spreads In The New Normal | ZeroHedge\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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When corporate bond yields are at a substantial premium to Treasury yields, that indicates higher default risk among large corporations. The graph below, from the RBA chart pack, shows the premium charged for AA-rated corporations compared to US Treasuries.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14843,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/18\/bond-spreads-bullish-for-us-less-so-australia\/","url_meta":{"origin":1122,"position":1},"title":"Bond spreads bullish for US, less so Australia","author":"ColinTwiggs","date":"February 18, 2017","format":false,"excerpt":"Yield Curve The yield curve is one of the best predictors of US economic recessions. Every time the yield curve has turned negative in the last fifty years, a recession has followed. First of all, what is a yield curve? It is the plot of yields on bonds, normally Treasuries,\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20158,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/28\/sp-500-markets-face-two-types-of-contagion\/","url_meta":{"origin":1122,"position":2},"title":"S&#038;P 500: Markets face two types of contagion","author":"Colin Twiggs","date":"March 28, 2020","format":false,"excerpt":"The S&P 500 faces two types of threat. First, is the coronavirus outbreak. But equally dangerous is the financial contagion that will follow. Financial markets are heavily inter-connected and regulators do not have the ability to build adequate firebreaks to contain the outbreak in a single sector. Behavior of one\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50400,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/03\/25\/junk-bonds-bitcoin-a-heady-mix\/","url_meta":{"origin":1122,"position":3},"title":"Bitcoin &#038; junk bonds &#8211; a heady mix","author":"Colin Twiggs","date":"March 25, 2024","format":false,"excerpt":"Bitcoin broke resistance at $68K to signal another test of $72K. Breakout above $72K would offer a target of $82K. Junk bond spreads (relative to 10-year Treasury yields) have declined to 8.54%, indicating readily available credit in financial markets. A decline to lows around 5.0%, however, would be an early\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Bitcoin","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-03-26-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-03-26-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-03-26-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":42013,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/05\/10\/more-signs-of-credit-tightening\/","url_meta":{"origin":1122,"position":4},"title":"More signs of credit tightening","author":"Colin Twiggs","date":"May 10, 2023","format":false,"excerpt":"The Fed loan officers survey for Q2 shows credit conditions are growing tighter. The percentage of banks tightening credit standards increased to 46% -- readings above 20% warn of a recession. Credit demand from borrowers is also falling, with demand for commercial and industrial loans falling to recession levels at\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Loan Officers Survey","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-09-credittightening.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-09-credittightening.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-09-credittightening.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18820,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/06\/interest-spreads-hold-sway-over-the-global-economy\/","url_meta":{"origin":1122,"position":5},"title":"Interest spreads hold sway over the global economy","author":"Colin Twiggs","date":"September 6, 2019","format":false,"excerpt":"An inverted yield curve is a reliable predictor of recessions but it also warns of falling bank profits. When the spread between long-term Treasury yields and short-term rates is\u00a0 below zero, net interest margins are squeezed. In a normal market, with a steep yield curve, net interest margins are wide\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1122"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1122\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}