The “regime change” is likely reflecting that “Domestic / U.S. Inflation Expectations” are no longer dictating global asset prices as they have for much of the past few years across both Fixed-Income and Equities.
It’s all too beautiful (the refrain from the band’s most famous song: Itchykoo Park)
There’s a lot to cover here, but we must first dispense with a couple of pieces of business.
In the midst of all of the hubbub around 45’s grandstanding insult of LBJ, y’all might’ve missed a significant milestone that presented itself midweek: The Apple Corporation of Cupertino, CA (or is it Mountain View? I get confused) became the first company every to achieve a market capitalization of $1 Trillion.