As China’s economic slowdown roils global equity and commodity markets for the third straight session, securitization investors have just one concern: whether the Federal Reserve will end its’ near-zero interest rate policy in September.

Spreads on many kinds of asset-backeds are at their widest levels of the year, but the price action is nothing like what is happening in the Dow and S&P 500 indexes, which plummeted nearly 5% in early trading Monday, but subsequently trimmed losses.

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