Taking shelter?



Former commissioner Sharon Brown-Hruska of the Commodity Futures Trading Commission once said: "The physical markets are like the body of the dog in that they contain the fundamental information about the market. The tail is composed of trading markets like futures markets. It is connected to the dog, but one of its primary functions is to tell us about the dog: is he happy or mad? Does he need to be fed? Or should we put a collar on him?"

In the credit market, however, the tail has overpower

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