SHORT-TERM OUTLOOK RECAP Our short-term market outlook over the past few weeks has been one of caution and patience, particularly in anticipation of yesterday's events—the Treasury's quarterly refunding announcement and the FOMC meeting. During this period, we observed a weakening market characterized by declining flows, surging rates, and a strengthening dollar, compounded by negative fiscal flows during tax season. _Source: Farside Investors, Fundstrat_ We viewed yesterday as a potential turning...

INFLOWS RESUME On Monday, market sentiments were rattled by a surprisingly strong manufacturing PMI figure, marking the first expansionary reading in 18 months. This led to a rise in rates, with risk assets across the board experiencing selloffs amid renewed inflation concerns and fears that the Federal Reserve might need to implement further measures to cool the economy. However, in our crypto comments video on Tuesday, we outlined a couple...

MARKET SHRUGS AT HOT CPI The latest Consumer Price Index (CPI) data indicated a hotter inflationary environment than forecasted for February. Despite the surprise in the numbers, market participants appeared largely unmoved, suggesting that the potential impact had already been factored into their calculations prior to the release. This resilience reflects a broader sentiment that a rates-driven selloff, in response to the CPI figures, is not a significant near-term risk....