In this week's podcast, Mary and I discuss the fact that an important change in trend has taken place for long-term Treasury yields.  This is particularly worrisome...because of the recent significant weakness in the high yield bond market as well.  On top of these two issues, the private credit market is heading into its next "redemption" season for private credit.  Therefore, the odds that the stock market will see a material pullback soon are rising......We also highlight how the issue of "gamma" has helped the stock market rally over the past 6-7 weeks...but "gamma"...and other leverage issues...work in both directions