Stocks and credit markets sent conflicting messages – weakness in the S&P 500 wasn‘t matched by bonds losing ground. Though elevated by recent standards, VIX doesn‘t look to be in the appetite for further sustained gains, which would speak for gradual stabilization in stocks before these decide to move again. Q2 2021 hedge fund letters, conferences and more CPI coming in neither too hot, nor too cold, would be in line with my recent expectations of inflation becoming entrenched and elevated. Still, the figures support the transitory notion to a degree – the markets are obviously afraid of high…

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