Short breather on the credit markets
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Credit Markets Weekly
Fed meeting and US mid-term elections in focus After the barrage of negative news in recent weeks – the conflict over the Italian budget, Brexit, the US sanctions on China and Iran, etc. – the markets are focusing on the US mid-term elections and in particular on the Fed meeting this week. The mid-term elections did not produce any surprises, indicating that we cannot necessarily expect the uninterrupted continuation of the extremely business-friendly policies by the Republicans. The outlook on the almost certain confirmation of the US monetary policy also made room for a short breather on the credit markets, which recently have seen a noticeable widening of spreads across all asset classes. The EUR primary market was overall calmer as well, with subdued supply due to national holidays.