Priced for a soft landing. Junk bond spreads relative to Treasuries have fallen by more than 1% since start of the year. ft.com/content/15224b… https://t.co/7VpgoeMJJf

@michaelxpettis Hmmm? Michael couldnt you also increase the propensity to spend?

FT analysis suggests that the volumes of Russian crude being shipped on vessels identified as being part of the “ghost fleet” have surged from less