No Going Back (Squaring The Circle)

No Going Back (Squaring The Circle)

It's a broken record, but squaring financial asset prices with reality is becoming an increasingly arduous task. The S&P logged another new high Monday, as risk appetite globally was buoyant ahead of a hotly-anticipated speech from Jerome Powell later this week. Some cited generic "vaccine optimism", a kind of default excuse whenever there's no readily discernible narrative to latch onto in the course of explaining the price action. "Bad breadth" is on everyone's lips. The rally is top-hea
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