The 'interregnum' of risks to the upside as yields turn down

Just now, I was looking through the Credit Writedowns archives, searching for the phrase "to the upside" because, today I am thinking about risks being upside risks rather than downside risks. The data released this morning confirm that. But what does it really mean that risks are to the upside"? Let's walk through that today.

Glass half-full

As you know,…