Stocks’ Fate Seen Hinging On Cycle Runway

US rates bear flattened ahead of this week's key macro data, perhaps not surprising on the heels of what it's probably fair to call a near-term dovish overshoot. Recall that two-year yields fell more than 35bps last week, one of the most pronounced rallies in recent history. The impetus, obviously, was rate cut speculation, fanned by Chris Waller. Many suspect it's overdone, or at least if you don't want to posit a recession. "With roughly 135bps of easing priced by December 2024 (and nearly 6