Stock market selloffs, volatility blow-ups, collapsing crypto currencies. They’re all the symptoms of an unfolding global credit squeeze, according to famed HSBC Holdings Plc bond guru Steven Major. It just happens to be developing at a snail’s pace.Major and his team see what they call a “long list” of selloffs in risk market across the world as evidence of the disruption wrought by tighter dollar liquidity. In response they’ve slashed their forecast for bund yields, turned more bearish on credit and become even more cautious on emerging-market debt.“Market participants are typically looking for validation of a forecast from cyclical data or one-off events but the reality can be different,” the bank’s global head of fixed-income research wrote in a note on Wednesday. “We appear to be in the midst of a slow-motion credit crunch.”