Despite rebounds in US (and less so European) equities and drops in both regions' 'VIX' measures, the last few days have seen an ominous reawakening in credit markets that is far more systemically concerning than a volatility ETN...

European credit spreads are back near cycle wides...

And US HY spreads are pushing back towards last week's wides...

And it's not just HY credit, US investment grade credit spreads are starting to crack wider...

Fund outflows in HY and IG resumed their 2018 trend yesterday...

And credit remains notably decoupled from stocks...

As rate- and credit-vol remain notably elevated...