Knee-Jerk Reaction in the Stock Market
Time to add duration to the portfolio while fading this stock market rebound
Highlights
• A major disinflationary/deflationary impulse is coming…
• … global freight rates are plunging and deflating real-time rents will filter through to the CPI with their typical lag
• Time to add duration to the portfolio while fading this stock market rebound (it’s all technical!)
• Contracting monetary and credit aggregates are yet another recession signal
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