A Real (Rate) Shocker
Macro momentum & pandemic progress offset policy stumbles, real rate reversal risk, and the labor market recovery continues unabated
The Transitory Recovery Pause
The gap on the S&P chart from the low on Friday February 21 at 3328 to the following Monday’s high of 3260 closed this week amidst a low realized volatility rally led by technology, but with decent participation from economically sensitive small caps, transports, retailers and autos. Favorable macroeconomic data including th…