The HG bond stress - now vs 2018

A great summary via JPM on what happened in 2018 and what is happening today: "The last time HG bond spreads sold off a similar magnitude to this quarter was in 4Q18. In that quarter spreads widened 34% (from 134bp to 180bp on the JULI) and the S&P500 was down 13.6% (from 2,901 to 2,507). We are half way through 1Q22 and the selloff pattern has been similar so far. The S&P is down 6% YTD and the JULI is 15% wider, so both moves about ½ of what happened in 4Q18 in percent terms, in about