Junk

The junk bond rally through this year has been an absolute blessing for many companies. This means that companies with low credit ratings are able to issue bonds at favorable interest rates. Also, there is a lot of debt that needs to be refinanced in the next few years. Remember that the unavailability of short term financing was one of the big problems of the prior crisis. Although I don't have a sanguine view of the economy, it looks like the fiscal strain on many companies is being eased. Still, the household sector is in shambles and until that is restored, there will be no rapid growth in GDP.