The Only Thing To Fear Is Missing Out

Ours is a market "conditioned to fear rallies more than selloffs and comfortably numb to macro uncertainty." So said BofA derivatives strategists including Riddhi Prasad and Benjamin Bowler. The context: Questions around a relatively resilient equity market at the index level in the face of a historic move in the rates complex. To be sure, not everything's resilient under the surface. Utilities, for example, are beset. But low stock and sector correlations have helped tamp down realized volat