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𝗘𝘃𝗲𝗻 𝗞𝗲𝗮𝗻𝘂 𝘄𝗼𝘂𝗹𝗱 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝘀𝗰𝗮𝗿𝗲𝗱 𝗯𝘆 𝘁𝗵𝗲 𝗦𝗣𝗘𝗘𝗗 ... Macro & Volatility™ #11   Josh Silva & Michael Purves hash out: • How has the third derivative impacted market structure? • Who bailed out short vol and dispersion traders? • Bonds did their job, but do they have the juice to do it again? • Will Dual Goldilocks prevail? Listen to the Macro & Volatility™ podcast on the Passaic Partners' website (https://lnkd.in/egtbBpSX), Spotify, Apple Podcasts and Amazon Music most other podcast platforms. 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘥𝘤𝘢𝘴𝘵 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝗮𝗿𝘆 𝗖𝗮𝘂𝘁𝗶𝗼𝘂𝘀, 𝘆𝗲𝘁 𝗢𝗽𝘁𝗶𝗺𝗶𝘀𝘁𝗶𝗰 • Why are we cautious? • Why are we optimistic? • Mixed messages = nimble and liquid For the full commentary as well as future insights, reach out. https://lnkd.in/eaA7hnsm Thanks!

𝗨𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆 𝗖𝗿𝗶𝘀𝘀-𝗖𝗿𝗼𝘀𝘀𝗲𝘀 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 𝗖𝗮𝘂𝘀𝗶𝗻𝗴 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗝𝘂𝗺𝗽 Cross Asset Volatility Review - July 2024 • A soft-landing may not be linear • The yen carry and dispersion trades begin their unwinds • Growth at a reasonable rate For the full review as well as future insights, reach out: https://lnkd.in/eaA7hnsm 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

The Giant Spread Machine Macro & Volatility™ #10   Josh Silva & Michael Purves ponder: • Is the Rotation Trade sustainable? • Is Russell the right bedfellow? • Are thematic pairs trades riskier than long indices? Listen to the full Macro & Volatility™ podcast on Spotify, Apple Podcasts and most other podcast platforms. 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘥𝘤𝘢𝘴𝘵 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

𝗛𝗲𝗮𝗱𝘀, 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗧𝗮𝗶𝗹𝘀, 𝗺𝗼𝗿𝗲 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 Cross Asset Volatility Review - June 2024 • Keep an eye on Bonds • Both candidates are inflationary • The impact of higher term and inflation premium For the full review as well as future insights, reach out: https://lnkd.in/eaA7hnsm 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

𝗧𝗵𝗲 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝘄𝗲 𝗸𝗻𝗼𝘄; 𝘁𝗵𝗲 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝘄𝗲 𝗱𝗼𝗻'𝘁 𝗸𝗻𝗼𝘄 Macro & Volatility™ Podcast #9 Josh Silva & Michael Purves discuss: • The profitability of collecting equity risk premium • Inflation after November 5th • Cheap insurance! Listen to the full Macro & Volatility™ podcast on Spotify, Apple Podcasts and most other podcast platforms. 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘥𝘤𝘢𝘴𝘵 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

Good to see more folks talking about the 𝗱𝗶𝘀𝗽𝗲𝗿𝘀𝗶𝗼𝗻 𝘁𝗿𝗮𝗱𝗲.  https://lnkd.in/eHY4U-WM Hear our thoughts on the 𝘖𝘥𝘥 𝘓𝘰𝘵𝘴 and 𝘔𝘢𝘤𝘳𝘰 & 𝘝𝘰𝘭𝘢𝘵𝘪𝘭𝘪𝘵𝘺 podcasts. What are your thoughts on this?  Add your comment below. 👇  Thanks!

𝗦𝗸𝗲𝘄 & 𝗢𝗔𝗧𝘀, 𝘄𝗵𝗶𝗰𝗵 𝗼𝗻𝗲 𝗶𝘀 𝙊𝙪𝙩 𝙤𝙛 𝙏𝙤𝙪𝙘𝙝? Macro & Volatility Podcast #8 Josh Silva & Michael Purves take on: • FX volatility not reflecting the same political concerns as French bonds    • Skew as a better indicator of risk than volatility in FX    • VIX low, but the IV-RV spread high in the US 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘰𝘯 𝘵𝘩𝘪𝘴 𝘱𝘰𝘥𝘤𝘢𝘴𝘵 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.

𝗛𝗼𝘄 𝗹𝗼𝗻𝗴 𝗰𝗮𝗻 𝘄𝗲 𝗹𝗶𝗺𝗯𝗼? Cross Asset Volatility Review - May 2024 • In last month’s Cross Asset Volatility piece, we made the case for a “Not So Cruel Summer” with healthy earnings, an easing-biased Fed, and very few “unknown unknowns.”    • At this point, the Fed is in “tweaking mode,” and the bond market is closely aligned. For equities, there is much ado about nothing if the Fed cuts in September.    • What’s important is that equities are supported by earnings growth and not by P/E expansion. For the full review as well as future insights, reach out: https://lnkd.in/eaA7hnsm 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘷𝘪𝘦𝘸𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘩𝘦𝘳𝘦 𝘢𝘳𝘦 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘛𝘩𝘦 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘢𝘭𝘪𝘨𝘯 𝘸𝘪𝘵𝘩 𝘗𝘢𝘴𝘴𝘢𝘪𝘤 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴' 𝘷𝘪𝘦𝘸𝘴 𝘰𝘳 𝘪𝘵𝘴 𝘤𝘭𝘪𝘦𝘯𝘵 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘦𝘴. 𝘔𝘢𝘳𝘬𝘦𝘵 𝘧𝘰𝘳𝘦𝘤𝘢𝘴𝘵𝘴 𝘢𝘳𝘦 𝘴𝘱𝘦𝘤𝘶𝘭𝘢𝘵𝘪𝘷𝘦 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘵𝘩𝘦 𝘴𝘰𝘭𝘦 𝘣𝘢𝘴𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴. 𝘊𝘰𝘯𝘴𝘶𝘭𝘵 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘯𝘥 𝘵𝘢𝘹 𝘢𝘥𝘷𝘪𝘴𝘰𝘳𝘴 𝘣𝘦𝘧𝘰𝘳𝘦 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴.