Cross-Asset Snapshot Paid Members Public
Published & Updated Weekly
A Late-Cycle Melt Up Paid Members Public
SUMMARY * The sharp rally YTD has many, us included, reassessing our market and macro views. However, we continue to believe that price action in 2022/23 is not abnormal for a late cycle period. * Markets often correct around when the Fed begins raising rates. Yes, it is not always a
Cycle Through the Noise Paid Members Public
SUMMARY • In the following report, we lay out the progression of a typical credit cycle and how the market today fits into this analysis. While this cycle is clearly unique in many ways, the general pattern rhymes with history. • Leverage/excesses built up due to low rates for a long
