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Michael A. Gayed analyzes the concept of credit-on versus credit-off as a matter related to spread regimes.
He explains that the JOJO Index takes a different approach by interpreting credit conditions through the leadership of utilities, instead of simply reacting to movements in credit spreads after they occur.
Gayed has previously warned of major risks from unprecedented market manipulation. In an earlier analysis, he suggested that a yen short squeeze could drive investors toward U.S. Treasuries as a safe haven. His commentary frequently addresses the impact of shifting credit and currency dynamics on investor positioning.