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‘Peak No Landing’
Everyone's in the "Anything But Bonds" rally and "no one's in the long-end."
So said BofA's Michael Hartnett in the latest installment of his popular weekly "Flow Show" series.
The implication was clear enough: Left-for-dead bonds may be primed for a rally in the event recent softening in the US macro proves durable.
Running quickly back through the last several key releases, we've seen i) ISM manufacturing fall back into contraction joined by ISM services, ii) consumer confidence print the l
Seems like one side of the boat is starting to get crowded again. For those whose vice is a bit of gamble IWM put spreads might be a thing. The environment of absurdity continues. I miss when satire was a thing.