“The premium might vary somewhat depending on overall demand (less during good times, more during hard times), but these two markets are never disconnected from each other. ”
That’s not at all the same thing as saying they would stay the same.
We’re early yet in this downcycle – way too early to claim we can analyze the end results. These markets didn’t move at the same time or at the same pace when they were increasing but they all increased. There’s no reason to suggest they’ll behave differently while they decrease. The net result for the upswing was increases across the board; I fully anticipate the decreases to settle out across the board in the same manner.
