In 2003, the equity markets finally broke a three-year losing streak and the corporate bond market continued a strong rally that began in late 2002. Many pundits argued that the stock market recovery heralded a new bull market; others pointed out that the underpinnings of the rally were weak. In the credit markets, a lot of noise was made about a “bond bubble” as the Federal Reserve kept U.S. interest rates at record lows, while consumers and businesses continued to borrow at unprecedented ...

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