JPMorgan: US high-grade credit to rally as supply retreats

JPMorgan's call rests on a supply-demand shift rather than an improvement in credit fundamentals: slower tech issuance and firm earnings are tightening the technical backdrop for high-grade paper. That matters because it implies spread compression can continue even without a macro catalyst, which would keep corporate borrowing costs contained and sustain demand for yield-bearing exposure. The open question is whether the demand side holds up if rate volatility resurges, since falling volatility is doing much of the work in this thesis.