The one year a 2.3%, there are a lot of zombies declaring themselves ready to be absorbed.
It is a contraction process, external transactions going internal, fewer marks to market, inflationary; but short lived, a quickly done requant.
Serious? Not yet that I see. This is the activity that generates mass layoffs, but they are still manageable. The real problem is government, it cannot manage its zombies well enough to keep interest payments down. Budgeting becomes impossible.
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