The market has zigged when many have expected it to zag – in 2023 terms that’s translated to the market ripping out of the gates to everyone’s surprise. And the economic data that’s accompanied it has, for much of the year, doubled up on said astonishment. Hopes for a better outcome than the extended inversions we’ve heard so much about would indicate were beginning to materialize. And they still very well may but cracks are beginning to emerge as the market goes from underestimating the Feds m…
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