Economic upswings are good for credit markets, right? The spread rally that began back in autumn 2002 was thanks to the market expecting more robust economic growth, rising corporate earnings and a higher level of credit quality. But watchers of the corporate bond market will have noticed that investors are a lot less enamoured by the reality of economic robustness, higherearnings and improved credit quality than they were by the prospect of it a year and a half ago. The perpetual truism:
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