...and on the 7th day, equity bulls rested...

“The market came down 10%, it’s back up 10%; I think that’s an extraordinary amount of complacency.”

"Very quiet start to the week from an institutional perspective with 'frustration' a common theme we are hearing as S&P goes positive on the day."

"The market needs a breather and the Moody’s downgrade is good excuse for doing just that."

Investors sharply repriced their recession views... but, history is also not on the side of a further rally...

“For now, we believe that the path of least resistance is still higher for risky assets”

The divergence between (weak) soft data and (strong) hard data is narrowing...

...trade policy uncertainty is plunging (along with rate-cut expectations).

“People should have listened,” Trump said, ...the stock market is “gonna go a lot higher.”

"The challenges are not over"

That all de-escalated quickly...

"The risk of a deep and protracted US recession has gone"

Trade policy uncertainty continued to tumble this week...

"80% Tariff on China seems right! Up to Scott B." - Trump

"...doesn’t mean you are wrong, but you are in the majority..."

"It's not the economy; it's the fearmongering, stupid!"

...sharp rallies within bear markets are the norm, not the exception...

"For us, it’s not the moment to add on risk"

...oil at 2021 lows, gold near record highs, US dollar at Oct lows, Taiwan dollar at 2022 highs...

"Trade-deal optimism is giving way to the reality of complex, slow-moving negotiations"