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= issues are: On July 28 Apple issued - $7 billion On August 1, Microsoft issued - Su) bill=on Today, Alphabet - $ 2 bill ion=/u> Chart Two shows Investment Grade ETF, L=D, is at the top of a long term range with shares outstanding around an all time high. Hans Mikkelsen noted on Friday in "Credit Market Strategis
NOg>" from June 28=and suggests risk parity fund leverage is high and we do not think the rel=tionships have changed significantly. Chart One shows ho=rly data of IEF (7-10y US Treasury ETF) and SPY (S&PS00 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to =ero now. Th
1= issues are: On July 28 Apple issued - $7 billion On August 1, Microsoft issued —$20 bill=on Today, Alphabet — $ 2 billion=/u> Chart Two shows Investment Grade ETF, L=D, is at the top of a long term range with shares outstanding around an all time high. Hans Mikkelsen noted on Friday in "Credit Market Strategis
NOg>" from June 28=and suggests risk parity fund leverage is high and we do not think the rel=tionships have changed significantly. Chart One shows ho=rly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to =ero now. Th
1= issues are: On July 28 Apple issued - $7 billion On August 1, Microsoft issued -$20 bill=on Today, Alphabet — $ 2 bill ion=/u> Chart Two shows Investment Grade ETF, L=D, is at the top of a long term range with shares outstanding around an all time high. Hans Mikkelsen noted on Friday in "Credit Market Strategis
NOg>" from June 28=and suggests risk parity fund leverage is high and we do not think the rel=tionships have changed significantly. Chart One shows ho=rly data of IEF (7-10y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, correlation has moved from around -80% a month ago to =ero now. Th
Entities connected to both Investment Grade ETF and ho=rly data

Jeffrey Epstein
PERSON
Marc Rich
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Paul Volcker
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Richard Kahn
PERSONHans Mikkelsen
PERSON
Bloomberg L.P.
ORGANIZATIONFrontier Communications
ORGANIZATIONTeva Pharma
ORGANIZATIONChart One
ORGANIZATIONUS Treasury ETF
ORGANIZATIONS&P500 ETF
ORGANIZATIONInvestment Grade Supply
ORGANIZATIONFrontier Comm
ORGANIZATIONSpec Pharma
ORGANIZATIONAllergan
LOCATIONPfd Return
PERSONAmanda
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Bank of America
ORGANIZATIONNon-Farm Pay
ORGANIZATIONBloomberg: Junk Debt Keeps Climbing Desp
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