Another week, and yet more volatility and yet even more spread widening. Recession is now the default option for most investors, with many markets struggling to function normally amid complaints of poor liquidity, and those brave enough to gamble must pay double-digits to play in primary. Markets also appear stuck in their default mindset that Central Banks will always provide assistance (fiscal and monetary) as growth slows. This has helped yields of late — but inflation is out of control and not transitory, and CB firepower is not what it was — and as always investors overestimate the chances of soft landings, they are much rarer than you would think.