Economics
Goldman Sachs: Junk Bond Spreads Are at Recession Levels
ZIRP has sheltered the U.S. economy from imminent damage
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Liftoff by the Federal Reserve "comes at an awkward time for U.S. credit markets," writes Charles Himmelberg, chief credit strategist at Goldman Sachs.
That's because high-yield credit spreads are flashing a warning sign, rising to levels that have been historically consistent with a U.S. recession: