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High Yield Report

Portfolio manager Axel Merk tells High Yield Report that credit markets are not back to normal.

" 'The Fed is trying to be relevant,' said Axel Merk, manager of the Merk hard Currency Fund. 'They said in their statement that things are not back to normal.' The current problem is not one of liquidity but of valuation, he said, with banks holding assets, largely residential mortgage-backed securities, that may be significantly lower in value than previously thought. And until these values can be properly ascertained, there will not be significant credit market improvement. "