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Deterioration in junk bond ETFs in November

Deterioration in junk bond ETFs in November presaged the stalling and subsequent sell-off in equities as corporate tax relief hit a snag as the Senate mulls delay the tax rate drop to 20% by a year. Leaked earlier in the week, this had a distinct negative impact on the JNK high yield corporate bond ETF, which sank from the 37.20 area at the start of the month to 8-month lows of 36.53 today. That's put March lows near 36.25 within reach. Investment grade corporate bonds have also come off, with the LQD ETF faltering from 121.34 at the beginning of the month to lows of 119.88 today. The message from investors to Congress seems clear enough -- stand and deliver on corporate tax cuts, or else.


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