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Sovereign spreads in the marketplace reflect: A. the short-term time horizon of market participants. Investors may focus on credit quality changes that reflect a cyclical change in the economy. B. the short-term time horizon of market participants. Investors may focus on credit quality changes that reflect a procyclical change in the economy. C. the long-term time horizon of market participants. Investors may focus on credit quality changes that reflect a cyclical change in the economy. D. the long-term time horizon of market participants. Investors may focus on credit quality changes that reflect a procyclical change in the economy. |