Stock Bear Has Bonds On His Mind

Mike Wilson's an equities guy, but he has bonds on his mind this week. As most of you are well apprised, the stock rally in 2024 came despite rates, not because of them. In stark contrast to the raucous "everything rally" in November and December which was attributable in no small part to the prospect of meaningfully easier (or meaningfully less restrictive) monetary policy in 2024, this year's risk-asset frenzy unfolded against a backdrop of fading rate-cut expectations. I've used the char