The Skies Have Not Cleared Yet.
Over the past few weeks, the macro environment has generally become “less bad” and that does justify some kind of a rally, but it’s important not to confuse “less bad” conditions with actual “good” ones. It’s also important not to mis-interpret year-end seasonal factors and positioning, combined with a sudden burst of optimism, with the implication that this has sown the seeds for a sustainable rally and an end to all this volatility. We saw in full technicolor (mostly red) last week that it has not. Not yet.
When the day finally arrives when the Fed stops hiking rates, that’ll doubtless be…
The skinny
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