The S&P 500 has already retraced 100% of its losses since the SVB crisis began.  The Treasury market has only retraced 1/3 of its "flight to safety" move.  Thus, there is a lot of complacency in the stock market right now.

  • ECB Chief Christine Lagarde has not backed-off much at all.  Does this tell us anything about Chairman Powell?
  • The Treasury bond market is much less complacent about the mini-banking crisis than the stock market.
  • Willis Reed:  The epitome of toughness.
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