As regional banks pressures spread, S&P 500 faces headwinds. But look for possible near-term bottom of banks (per Newton). April Jobs and CPI are next 2 key data points.

At the start of the week, I was hopeful that the combination of Fed decision day (5/3) and soft readings on labor (JOLTS, employment report) would cause markets to constructively reprice a Fed "pause" -- this is what we viewed as a positive resolution to the "make or break" week:

The Fed provided sufficient rationale for "pause" to become our base case (no hike in June) but equities fell sharply, down -3% since last Friday, while bonds and Fed futures rallied on the pause -- US 2Y fell from...

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