More Noise Than Signal

More Noise Than Signal

I'd call it a testament to rampant uncertainty, but it's probably more accurate to say markets are more noise than signal currently. US equities kicked off the new week by erasing last week's losses (figure below), while Treasurys sold off enough to negate Friday's rally. Monday was, in a word, absurd. There was nothing in the way of clarity around Omicron and China's RRR cut doesn't move any needles. Divination from the price action is very difficult given the proximity of year-end, to say no
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