While financial markets have priced in the peace deal, shipping markets have not... with Freight rates still 3x pre-war levels...
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At the same time, defensive stocks account for just 15%, an all-time LOW. Not even the 2000 Dot-Com BUBBLE saw such a divergence with tech peaking at ~50% while defensives remained above 20%. Has a new era of equity market performance come, or are defensive stocks going to catch up over the years? Source: Topdown charts, Global Markets Investor @GlobalMktObserv
All three times, the S&P was higher heading into the 2 PM rate decision only to finish in the red on the day. Warsh was no different as all main US equity indices finished in the red after his (rather hawkish) statement yesterday... Source: Bespoke

