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Today we will look at the non-investment grade corporate debt tsunami coming our way in 2024. About $2.5 trillion of corporate debt, CLOs, and commercial leases come due for refinancing in 2024.
With half of the S&P 500 corporations being below investment grade these debt rollovers will have a meaningful impact on the markets.
The price of gold is also pointing to further Fed accommodation or dollar debasement as the US Central Bank has gone through a whole rate-rising cycle and gold has actually gone up since the start of the cycle and not down as most expected.
The conclusion here is that the Fed and the U.S. government have failed miserably in managing the monetary and fiscal side of things to effect a soft landing for the economy.