Why Jamie Dimon’s Doubts on the Credit Market Are Well Founded

Corporate bonds are exposed to abrupt downside as liquidity providers are increasingly replaced by liquidity takers.

JPMorgan Chase and Co.’s Jamie Dimon has warned of parallels to the era prior to the 2008 financial crisis. He’s not wrong to be concerned, as we will see, but you wouldn’t know it from looking at credit spreads, which are back near historic lows.