As Geopolitical, Policy Risks Build, This Is The ‘Hierarchy Of Vulnerability’

Exactly a week ago, I suggested that it was starting to feel bit like we had returned to a dissensus-driven regime for markets. That is, a regime characterized by a lack of ability to form consensus about anything, whether on the policy front, from a geopolitical perspective, and/or what the incoming data and price action seem to be conveying about the economy and the near-term trajectory for markets. Previously, dissensus led to vol. selling, because as Deutsche Bank's Aleksandar Kocic famousl