Dollar Declines Like This One Are Exceedingly Rare

Look behind the rally since mid-October and you'll find two things: Falling rates volatility and a weaker dollar. I've been over both in these pages at considerable length. December was, of course, quite onerous for US equities, but counting January, three of the last four months were very kind to beleaguered stock investors. Bonds were the sponsor of 2022's market "event," so it's hard to say whether the drop in rates volatility or the falling dollar is to thank for the turnaround in stocks,

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