Optimistic statement of the day

Usually an economic downturn is associated in a big increase in the
spread between corporate and Treasury yields.  This spiked pretty
dramatically last week, but still has a long way to go…the current spread of 206 basis points is not much above the long-term
average or the short-term range we’ve seen over the last two years. 

That’s from Jim Hamilton, here are the graphs and further discussion.