Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

All-round Multi-Asset investor. Former head of a EUR 5 billion multi-asset fund range. Speaker. Charts & Frameworks. Founder of True Insights, a provider of independent investment research, trade ideas & well-diversified portfolios.
https://true-insights.net/

Global Multi-Asset Investment Strategist

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Macroeconomics

<ul>
<li>Based on the correlation with the ISM Manufacturing Index, dismissing the SLOOS as a useless macro indicator is a bit too easy.</li>
<li>Even though lending standards did not tighten as much as the previous quarter, current levels point to elevated odds of a US recession.</li>
<li>SLOOS also confirms the start of a new default cycle, revealing that high-yield bond spreads are way too low, especially when the spread widening of CMBS is taken into account.</li>
</ul>


Based on the correlation with the ISM Manufacturing Index, dismissing the SLOOS as a useless macro indicator is a bit too easy.
Even though lending standards did not tighten as much as the previous quarter, current levels point to elevated odds of a US recession.
SLOOS also confirms the start of a new default cycle, revealing that high-yield bond spreads are way too low, especially when the spread widening of CMBS is taken into account.


United States

Do Not SNOOZE the SLOOS