Rob Davies: Get set for another bumpy ride

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This is easy to say with the benefit of hindsight, but it is starting to look like the rally that carried investment grade and high yield credit to record returns in 2009 was a case of too much, too soon. Just as the cheap price of credit before the rally picked up steam last March was not an accurate reflection of fundamentals, the dramatic spread tightening that subsequently took place did so while economic signals were mixed at best.

Take away the extraordinary support for the financial syste

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