Equity markets bank into "bunker mode" in front of May FOMC but ATH in unemployment claims for over $200k earners = far softer wage growth ahead. April 2023 rebalance "Granny shots" net -3 (+7, -10).

Reminder, tune in this coming Thursday to an important webinar

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  • Granny Shots April Quarterly rebalance today
  • see below for adds and deletes

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Equity markets came under selling pressure on Tuesday, falling 1.6% and breaking down to the lows seen in early April. Was there anything in particular this day to drive stocks to April lows? In our view, the May FOMC rate decision (5/3) is the most im...

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