US & EMU corporate spreads: There is only so much QE can do

After the initial market trough and reversal in March, corporate spreads have been moving sideways for many months. However, two recent events have cleared the way for a second wave of spread tightening, leading them closer to their pre-pandemic levels: the resolution of the US presidential elections and the positive news around the vaccines timeline and availability. Historically, such an improving growth outlook aided by prevailing monetary stimulus tends to be favorable for credit investors.

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