S&P 500 suffered on more bad banking news, but the bears couldn‘t keep the selling going – I correctly didn‘t trust bonds to send ES through 4,115. Overall, the yield curve reflected renewed Fed easing calls yesterday – and stocks attempted and attempt to front run the Fed pause notion as much as precious metals love banking woes and declining yields combined with more recessionary signs. Take only the USD gyrations mirroring those in the bond market. All are ultimately a bet on Fed policy stance, but I continue to think we would get 25bp hike, and no promise (really no promise) of a pause or …

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