From my macro vantage point:

- Major cracks are appearing in the foundation.

- Unless the current twin narratives of “sticky high inflation and higher for longer” change quickly, risk assets are in serious trouble.

- I’m watching the high yield OAS (among other things) closely for signs that the floor may drop out under risk assets imminently.

- Net liquidity, for it’s part, continues to contract… exactly when it needs to be expanding. The Fed is blinded by their perceived “fight” against price inflation.