Over the past two weeks (give or take), I've argued that markets were teetering precariously on the edge of a "false optic" growth scare. Positioning unwinds and stop-outs accelerated a burgeoning bond rally, which began to feed on itself. Lackluster summer liquidity appeared to exacerbate the situation. By this week, the risk was clear: Falling yields could be seen as "validation" (from the market) that worries about peak growth were justified. "Delta" variant concerns were fuel on the fire.