Midsummer Musings

As is often the case during the summer months, the price action is dictating the narrative. If risk assets are trading constructively, markets are pricing in a Goldilocks macro environment and a soft landing. If not, equities are responding to geopolitical tensions, China's deteriorating growth prospects and some fill-in-the-blank negative catalyst. On Thursday, for example, relatively poor risk sentiment was blamed, in part, on adverse developments in Ukraine, where Vladimir Putin is bombing