Swap spreads both here and in the Eurozone are relatively low. They were much higher in the runup to the last recession, and in the past few years they have increased from time to time due to concerns about the threat of sovereign default risk in the Eurozone. Currently, however, they show no signs of any unusual sources of risk to the economy.
Credit default swap spreads are still elevated relative to where they were in early 2007, but they are as low as they have been at any time since the last recession. There is no sign here of any impending economic weakness or threats to the future cash flows of large corporations.
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