Since the July Fed rate cut of 25bps and the conclusion of its balance sheet roll-off (known as quantitative tightening, or QT for short), there have been many major markets moves. These include a massive duration rally and then a retracement, factor-model rebalancing of growth and value, along with a spike in oil prices. On the US economic front, some key data has looked better: retail sales, jobs, and even the latest industrial production…
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