05-13-2024 "High Hopes" Or Decay For the Long Haul

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At a higher altitude, QT unfurled. Bulls reached the High Hopes of that dreamed-of world.

Steps taken forward, Bears sleepwalking back again. Dragged by the force of Fed Powell’s higher-for-longer tide.

The perpetual auctions continue to find investors liking high real rates while ignoring conflicting noise. As a result, mechanical trading persists, lowering volatility. Yet, the bears keep control down the well-traveled road.

Will rates decay as dreams fade? Bulls or Bears, both win and lose forever.

The endless rivals

Forever and ever

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Song: High Hopes (1994) Pink Floyd