Quite a reversal in equities today as the major indices fell, breaking the Dow’s historical 13-day winning streak. Yesterday, Powell’s mention of rate cuts before inflation returns to 2% was spun positively. Today, remaining concerns of reflation, w/ energy and ag commodities going higher, as well as a surprisingly stronger GDP number (though mainly driven by capex), turned that smile upside down for investors who noted that the combo of a still hot economy and 10y yields above 4% would put fur…
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