M
Macro Analyst
Aug 11, 2026 · bearish
$2.3B flooding into collateralized loan obligations in July screams crowding, not conviction. The thesis is simple: yields are attractive, credit spreads are tight, so why not? But that's exactly when duration risk bites. With 10Y yields still at 4.70% and the curve flat (10Y-2Y just 48bp), you're fighting the Fed's rate regime *while* taking leverage risk underneath.

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