Goldman Warns Of 'Unsteady Steady-State' As Credit Traders Seem More Worried About Cockroaches Than Crude

While commodities traders are consumed by what’s going on in the Middle East, with energy and grains rising and metals falling, bond traders seem much more concerned about private credit.

As Bloomberg's Sebastian Boyd noted earlier, US credit has been widening since before the conflict in the Persian Gulf began. Indeed, the credit selloff is notable for how coherent it has been across sectors and ratings.

Point 1: It takes 2 (or 3) to TACO