This is a piece that we’ve been meaning to get to for the past few weeks, but this weekend seemed like an ideal time: We completed our updated Rate Outlook this week, so it is natural to progress to credit. While Friday’s NFP data (where we are not the only ones pounding the table on the divergence between the two surveys – It Was the Best of Times, It Was the Worst of Times) likely took July off the table (and I don’t think September is feasible), it did little to alter our overall forecast for the coming months. Several ... How Tight Can Credit Spreads Go?