Credit markets aren’t in a bubble right now, but closely-followed Deutsche Bank strategist Jim Reid says that could change by the end of 2014. Reid and the credit team at Deutsche Bank, in their newly-published 2014 credit outlook note, warn that the Federal Reserve will struggle to wind down their quantitative-easing effort as quickly as the market expects. That’s an interesting assertion, given that many strategists not only expect the Fed to start scaling back the pace of bond purchases as early as December, but also argue that the tapering is largely factored into the market already. Meanwhile, the global ... (full story)