Macro Observations
The Duration Ambush
Why long rates may not follow the Fed lower this time. Term-premium repricing, bill-heavy issuance, and volatile foreign demand — the exposures the consensus is quietly mispricing.
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Closing Thoughts
Semis Sank. Banks Blew Out. Iran Got Loud.
When credit refuses to confirm a sell-off and geopolitics refuses to stay in the background, which signal is the market actually telling you to trust?