Скачать или смотреть Market safety just got expensive

When investors start calling safety a bargain, you know something’s changed. Corporate bonds—once the quiet corner of finance—are now the market’s main event. Yields that once paid barely more than Treasurys have tightened to their smallest gap in nearly three decades. Yet prices keep rising because investors remember the sting of zero-rate years and want to lock in what’s left. Companies, reluctant to borrow at today’s rates, have made new debt scarce. So the crowd is paying record prices for the illusion of calm.

History says bonds rise when unemployment creeps up—because a cooling economy brings rate cuts. But if the slowdown turns sharp, those same bonds can break as profits fall and defaults spread. The bond market isn’t betting on prosperity or pain; it’s betting on balance. Weak, but not broken. Safe, but not too safe.

And that’s why safety, right now, may be the most expensive thing money can buy.

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