Snippets from the note ICYMI:
- The bear market rally is over
- leaves us more constructive on bonds than stocks over the near term as growth concerns take centre stage
- hence our doubling down on a defensive bias
"Defensive bias" includes equities that'll relatively benefit in a down market.
Citing:
- payback in demand from last year’s fiscal stimulus
- demand destruction from high prices
- food and energy price spikes from the war that serve as a tax
- inventory builds that have now caught up to demand
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SPX update:
