at the end of the day, earnings growth is the fastest we have seen in a long time and that is the story justifying this bull market

everything else is just noise

but that noise continues to get louder…

- bond market screaming AFTER Bessent tried to calm it down, 10-yr still at 4.7%

- still no meaningful update on the Iran War ending

- anthropic IPO getting ready to dump on retail

- fed members seriously trying to hike

- tariff war starting again with Canada

pretty much all those noise really is useless other than the bond yields which are exaggerating everything else

we do have midterms coming up which creates a decent chunk of volatility but the end to this war would drop oil which would drop inflation expectations which would lower yields and bring the focus back to earnings

until then, the credit market will continue being noisy as the market tries to figure out where the cost of capital is going and how expensive that cost will be relative to earnings growth

Source: amit