...markets now see BOTH more growth and more inflation than they did pre-conflict.

One of the most aggressive AI melt-ups globally just hit its first real air pocket. Spot-up, vol-up works great…until everybody suddenly realizes they are naked to the downside.

"With a background of bond markets looking unsettled, with the problem of inflation, with the Strait of Hormuz not having a solution out of that Summit, I think there definitely…

...markets will naturally begin thinking about whether a future leadership transition could imply a different mix of fiscal priorities, spending plans and taxation...

When bonds sell off, equities rarely digest it well. If we start getting sustained bond market volatility again, then all else equal you see risk off behavior...

The stagflation narrative dominating financial social media isn’t completely wrong. That’s what makes it so dangerous...

...markets now see BOTH more growth and more inflation than they did pre-conflict.