One Bank Sees 2019 Parallel Amid Sentiment, Positioning Overshoot

If you're wondering whether discretionary cohorts have continued to re-allocate and otherwise take up exposure to equities, the answer is "Yes." The positioning story is by now quite familiar. After falling from very elevated levels in and around what I'd describe as "peak ebullience" in November of 2021, discretionary positioning bottomed at the October lows for US equities, then meandered sideways. A bullish inflection in January quickly retraced amid rising Fed terminal rate expectations and