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Tuesday was a trading day for me. Weds, a research day. But today, I went back to work, shopping the bond market hard, all corporates, A to Z, offering at least 6%. It’s brutal, mind-numbering work. But it has to be done from time to time, or else one loses the sense of where prices are at.

I added to two existing positions, a double BB offering 9%, a single-B offering 14%, and a new position, another single-B, seven years out offering 8%. I failed to get a fill on a triple-BBB that was 1-1/2 years out offering 6.5%. But, all in all, it was good morning’s work.

I see that the 10-year note is back down below 2%. It will be interesting to watch how that unsustainable situation gets resolved of the FED continuing to print money to prop up the economy instead of backing the needed structural reforms. Where is Paul Volker and the courage that is needed to do the right thing of raising interest-rates, not lowering them?
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