Breadth without Conviction
The equal-weighted S&P is beating the cap-weighted index and every sector saw upward revisions. But is capital moving into other sectors because investors like them, or because they ran out of room in the one they prefer?
Markets
Rates, curves, flows, and positioning.
One Day of Relief: Why the Treasury Could Not Hold the Long End
Washington doubled its long-end buybacks last week and thirty-year yields fell sharply. They had recovered the entire move within a day.
Why Funflation May Not Be Inflation
Entertainment prices are rising faster than almost anything else. Much of what is being measured may not be inflation in any useful sense.