After A Rough Start, It’s Been “Smooth” Sailing

God knows there's been no shortage of analysis regarding "days without a [fill in random percentage drop] pullback" for stocks. Equity resilience is the market's soup du jour and if there were an overused French food service industry term for "of the month", then that would apply too. As we move ever closer to what is now a fully priced March hike, the two questions on everyone's mind are: 1) should we interpret rising rates as a sign that the reflation narrative lives and thus a reason to s