US Stock Market Breadth: Earnings Can Beat Rate Risk—If the Rally Widens
Strong earnings and faster services growth support the S&P 500, but US stock market breadth must widen enough to offset higher bond yields and valuation risk.
B2L Market Focus: The Dollar-Gold-Equity Split Is a Credibility Hedge, Not a Risk-Off Trade
Investors are still allocating to equities and bonds while the dollar weakens and gold rises. That divergence points to selective insurance against fiscal and institutional credibility risk—not a conventional flight from risk assets.
Jackson Hole Policy Path: Why the Fed’s Reaction Function Now Matters More Than the Next Rate Move
The Fed’s next signal is about its reaction function: how term premium, fiscal supply and long yields reshape equity risk before Jackson Hole.
