What happens when the Federal Reserve loses its stranglehold over debt markets? Investors are finding out.
The selloff in corporate bonds is deepening, and investors are seeking safety in the longest-dated government debt, which does best when the economy does worst. Defaults are rising as oil tumbles and investors are looking for the best ways to hedge against credit losses.
All this comes as the Fed does, well, nothing much. Instead, it's China that's taken the lead with new rounds of financial stimulus in the face of slowing growth. But some days it's a free-for-all, with even Kazakhstan wielding its influence.
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