Good morning. Steeper and steeper…

https://www.blackrockblog.com/2015/12/11/economic-trends-in-charts/

Credit cards! You still get impressive spreads in that business…

http://uk.businessinsider.com/what-fed-hike-means-for-auto-home-loans-credit-cards-2015-12

Although high yields are also making a comeback, as such…

http://uk.businessinsider.com/debt-chart-from-goldman-sachs-shows-you-why-junk-bonds-have-been-so-popular-2015-12

Speaking of which: this is the first negative year for high yields since 2008

http://ftalphaville.ft.com/2015/12/14/2147788/it-really-has-been-a-bad-year-for-high-yield/

And here is some more on the High Yield market

https://www.bespokepremium.com/the-closer/the-closer-121415-beta-blasted/

Cool chart showing how inflation keeps on under delivering

http://economistsview.typepad.com/economistsview/2015/12/fed-watch-makes-you-wonder-what-the-fed-is-thinking.html

A bit of reading by the ECB on the employment recover in the Eurozone

http://www.ecb.europa.eu/pub/pdf/other/eb201508_article01.en.pdf

For them geeky diehards out there: “ Mortgage risk and the yield curve”

http://www.bis.org/publ/work532.pdf

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