Rally Risks

"The stocks" are probably due for a breather. US shares came into Jerome Powell's speaking engagements this week riding their best streak of gains since 2021. The seven-day rally pushed the S&P near 4,400, or 500 points above Mike Wilson's year-end target, for those of you who contextualize the market and otherwise orient yourselves by way of Wilson's forecasts. The cumulative gain over that stretch is 6.4%, a nice bump to be sure. You can thank, in no small part, relief at the long-en