Hartnett: Santa Flaws is Coming to Town
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Housekeeping: Very actionable report, little direct mention of PM, but bullish commodities, still bearish USD
TL/DR
Hartnett’s latest describes a market shaped by easing financial conditions, record inflows, and policy optimism. Yet structural strains (AI debt buildup, inflation management, and uneven Main Street credit) persist. Investors stay long risk into 2026, rotating toward China,, Japan, and small caps as financial, growth, and inflation dynamics shift.
The skinny
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