Credit Spreads and U.S. Labor Market

Credit Spreads and U.S. Labor Market Despite the Fed’s support, credit spreads remain above their pre-COVID-19 levels and may be taking a cue from the U.S. labor market. Image: Morgan Stanley Wealth Management

S&P 500 YTD Returns by Credit Rating

S&P 500 YTD Returns by Credit Rating Chart showing the impact of credit ratings on stock returns since the beginning of the year. Image: BofA Research Investment Committee

Number of S&P Non-Financial Credit Ratings

Number of S&P Non-Financial Credit Ratings Global creditworthiness fades as companies embrace debt. Triple-A ratings are a thing of the past. Image: Financial Times

U.S. Household Debt and Credit

U.S. Household Debt and Credit Aggregate household debt balances declined by $34bn and stand at $14.27tn. This is the first decline since 2014. Image: Federal Reserve Bank of New York

VIX vs. IG Credit Spread and S&P 500

VIX vs. IG Credit Spread and S&P 500 This chart shows that the VIX has realigned with the IG credit spread, but not with the S&P 500. Image: Deutsche Bank

Fed’s Credit Lending Facilities

Fed’s Credit Lending Facilities Only a fraction of Fed’s emergency lending facilities has been deployed so far. Image: Oxford Economics