What Are Credit Traders Worrying About?

It seems that while the volatility, equity, and interest rate markets are moving in a risk-on direction (admittedly on dreadful volumes); that HY credit is not enojoying the uncertainty. HYG is now at lows of the day (after filling its gap from a few days ago). What is also more evident from the chart is equity (and vol)'s relatively high beta today to any and all headlines...though it is now anchored at VWAP.



UPDATE: an hour later, Volatility and stocks have converged down to HYG...


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