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If Credit Spreads Don't Recover, Bullish Argument Is Out of the Window: Strategist

Wednesday, 23 May 2012 | 7:00 PM ET

Michael Gayed, chief investment strategist at Pension Partners, told CNBC, "What has concerned me very significantly is something that happened last week, when you look at junk debt prices have collapsed relative to nominal US treasuries, the spread has blown out signifying something akin to a credit event was likely underway."