Glodon July 10th丨Morgan Stanley Analysts at the research department said in a report that U.S. corporate bonds are not cheap, and there are better investment opportunities in securities, emerging and European credit markets. However, this is not a sufficient reason to be negative on U.S. credit. On its own, the current valuation is not enough to be a reason to be cautious on U.S. credit. Morgan Stanley expects that the spread of U.S. high-yield bonds will remain near the current level, and the spread of investment-grade bonds may narrow slightly.

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