- Our analysis of corporate tax payments indicates that companies are likely going
to again beat lowered expectations this earnings season, as has been the case for
most of this credit-led bull market
- There is the potential for earnings beats to be above the norm of this bull market,
based on flows around the corporate tax payment date
- Given the strong demand for credit, buybacks and M&A are likely going to grow
even more as companies emerge from their quiet periods
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