The Tweet of the day goes to Bloomberg's Tracy Alloway.

In contrast to 2015, this is not just oil-related. Let's fill in all the missing pieces.

First Time Since Lehman

The Financial Times reports US Credit Markets Dry Up as Volatility Rattles Investors.

Not a single company has borrowed money through the $1.2tn US high-yield corporate bond market this month. If that drought persists, it would be the first month since November 2008 that not a single high-yield bond priced in the market, according to data providers Informa and Dealogic.

Junk Bond Spreads

Bianco Research

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Bloomberg reports High-Grade Credit Weakens Most Since February on GE Angst.

Leveraged Loan Deals

Not Isolated

Recession Odds

Contrary Indicators "No Recession in Sight"


This one is either downright funny or ironically serious, depending on your point of view.

Top White House economic adviser Larry Kudlow says 'Recession is so far in the distance I can't see it'.

Piling On

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Looming Maturity Wall

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The preceding two charts are from the MarketWatch report U.S. Corporate Debt Party is Getting Out of Hand.

Not Just US

It's not just the US either: [Europe Is Ground Zero for Global Credit Fears](Europe Is Ground Zero for Global Credit Fears)

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Capitulation Silliness

The above Bloomberg chart notes "capitulation". I disagree.

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On a short-term basis the Bloomberg chart does indeed look like a serious selloff.

Long-term, we are not even close.

An asset-bubble, credit-bust recession is on the way.

Mike "Mish" Shedlock

Surefire Recession Signal in Pictures

The strength of inversions widened today. That's a strong recession warning, but it is not the actual recession signal.

Credit Spreads Widen

Variant Perception reports US Corporate Debt Near Records, Credit Spreads to Widen. Lets take a look

US Tax Receipts Signaling Recession?

US federal personal tax receipts receipts are falling fast. So is the Evercore ISI State Tax Survey.

Flattening of the Yield Curve in Pictures; Is an Inversion Necessary to Signal a Recession?

Curve watchers Anonymous has an eye on the yield curve. Here is a snapshot of year-end-closing values from 1998-12-31 through 2015-12-31.

Canadian and Australian Yield Curves Invert- Clear Recession Signals

Those looking for clear recession signals in Canada and Australia have them. Portions of the Canadian and Australian yield curves are now inverted. Canada has been in a state of inversion for at least four weeks.

Spotlight on Emerging Markets and US Treasuries: Are Bonds Sending a Signal?

The emerging market trade has blown up. An "everything bubble" disaster awaits. Meanwhile, what about treasuries?

Japan Isn't Headed for Recession, It's In Recession

The Japanese economy shrank at 6.3% annualized in the fourth quarter. Forget talk of recession, it's already underway.

Yield Curve Flashing Biggest Recession Signal Yet: Shilling Thinks It Started!

Treasury yields have plunged at the mid to long end of the yield curve producing biggest recession warning yet.

Surge in Global Credit Driven by China: Deflationary Bust Coming

Since 2008 the growth in global credit has been on the back of China. Real estate led the way. Now what?