JPM: "There Is A Cloud Hanging Over The Equity Rally, But Stocks Don't Seem To Mind (For Now)"
Adam Crisafulli recaps what matters this morning as we head into today's payrolls report, noting that "the inability of TSY yields to rise (along w/the dramatic multi-month curve flattening process) remains a cloud hanging over the equity rally but stocks obviously don’t seem to mind (for now)." Whether this changes will depend largely on one thing: today's wage number - if it comes in above the expected, we may finally get some curve steepening, if not the divergence will continue...
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