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Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
The housing market faces demographic headwind, with population slowing dramatically for several reasons; which has resulted in diminished demand for housing.
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
For the first time in 20 years, markets will have to survive without support from central banks.
Mounting losses may result in this being one of the worst Decembers on record, and one of the worst years for equity performance in a decade.