Newsletter
Advisor Credits are going live first. More is coming for the rest of the Lead-Lag ecosystem. Cover image / top image This weekend, Lead-Lag Media takes a major step toward becoming something bigger than a media business. For years, The Lead-Lag Report has been built around one idea:
Global View
The Hormuz peace trade unwound crude and yields in lockstep, but gold refused to follow the script — and that refusal is the whole tell.
Newsletter
Final call. Free webinar. CFP CE credit. Registration closes when we go live.
Newsletter
A free 60-minute live webinar. CFP CE credit approved. Registration required.
Macro Observations
High Yield Spotlight
Blackstone Secured Lending Fund (NYSE: BXSL) — A 13% Yield Built on 97.6% First Lien Loans, With Cracks Beginning to Show
Newsletter
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Weekly Signals
Signals are split evenly between offense and defense, pointing to a market at an inflection point.
Global View
A blowout jobs print pushed the 10-year to 4.55%, and a holding Iran ceasefire pulled the geopolitical bid out from under everything.
Leaders-Laggards
S&P -2.55% Snaps 9-Week Run; Nasdaq -4.65% On Broadcom Miss + AI Pullback; XLE +2.45% Flips Back To Leader On Iran/Israel Strikes; Jobs +172K Pushes Fed Cuts To 2027; Gold -5.0%; 10Y Holds 4.55%
Weekly Signals
Three of four signals favor risk-on positioning. The Treasury rotation lone holdout continues to flag a defensive undertone beneath the surface.
Newsletter
KEY HIGHLIGHTS - BB high-yield risk premia remain compressed: **BB OAS was ~1.77% (Apr 20)**, near the bottom end of its post-2020 range.[1] - Equity volatility is not flashing “crisis,” but it also isn’t asleep: **VIX closed ~18.87 (Apr 20)** after spending much of April in