• We’re getting relief in the financial sector.  This is causing Treasury yields to bounce…and that actually might be negative for a few overbought tech stocks…at least near-term.
  • The mini-banking crisis is an inflection point for the economy.  It is going to lead (almost immediately) to a credit contraction.  That will be negative for the economy going forward.  It also means that most economic data that measures anything before the last two weeks is not going to be very insightful.
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