Nearly all of the pullback in the S&P 500 since the bout of rotation in the stock market began in the wake of June’s CPI report on 11th July has now been reversed. Admittedly, the same cannot be said for the rotation itself. But we remain of the view that it will be more than unwound in due course. We’re not minded to think, however, that the same will happen to Treasuries and the US dollar.
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