The S&P 500 Has Stopped Trading Reality

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The macro is screaming. The S&P isn't listeningBond volatility has exploded, credit is pricing stress and macro trading has migrated into fixed income. Meanwhile, SPX sits near record highs and VIX barely moves.Something has disconnected.

The macro is screaming. The S&P isn't listening

Bond volatility has exploded, credit is pricing stress and macro trading has migrated into fixed income. Meanwhile, SPX sits near record highs and VIX barely moves.

Something has disconnected.

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