S&P 500 recovered from the selling at open, but the picture is hardly one of universal strength. Tech rose while value erased half of the intraday decline, and high yield corporate bonds closed little changed. Risk-on seems as slowly returning unless you look at the retail sales surprise boosting the odds of Sep taper. Is it though really going to happen? Q2 2021 hedge fund letters, conferences and more I continue to think the Fed won‘t move too far, too fast, and that no real action would follow later this month. The job creation isn‘t at its strongest, and yesterday brought us a daily overre…

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