AI Default Risk Triples Since Jan As Goldman Clients See "A Crisis Without A Crisis"

Some quotes say more than any chart.

Goldman's Credit MarketStrats desk just got back from a week of client meetings in London, and in a note published late Thursday titled "From Macro to Micro" (available to pro subs), GS FICC's Reid Zhou opens with a line from one of those clients that sums up the past two months better than anything we could write:

Bearish, Directionless... And Not Positioned For A Rally