When you hit the 44th fresh record of the year, it takes a bit of shine off the excitement. Still the S&P achieved another new all-time high today, up 66% from the October 2022 lows. As long as the very short-term support at 5674 holds, there is really nothing bearish about this price action. That said, Treasuries saw continued selling pressure w/yields spiking 5-6bp. Though FOMC minutes didn't really deviate from recent narrative, the market is now pricing in 45bp worth of Fed cuts at the fina…
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