FO Analysis: Six Pillars. One Regime.
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The shorthand: April core PCE 3.3% on the year, the 30-year sitting on 5%, the front end pricing relief the long end will not ratify, Brent back through 93, USD/JPY 159, semis a record share of the S&P, and credit spreads 272bp tight. Six pillars active, one regime.
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2TO4Q · High · six-pillar regime, multi-quarter horizon
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Rates
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Analysis
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28 min read min
