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FATT - Rates: System Risk Is On The Floor. Here's Why It Matters
Fat Tail Risk ETF
How markets feel about risk is uber-important, but risk perception is minimal right now.
One measure of this is the rate banks need to pay to entice investors to invest in commercial paper. It's never been lower, helped by risk-on and tight credit spreads.
Any Fed taper which elevates risk perception has ramifications well beyond US borders.