The Bank of America Global Fund Manager Survey revealed that nearly half of respondents expect a global recession, while a majority anticipate a mild recession in the U.S.

As a result, a record number of global portfolio managers plan to reduce their exposure to U.S. equities. Historically, this shift tends to redirect capital into the bond market, which can help push yields lower.

We have an interesting week ahead with Powell speaking tomorrow at 1:30pm and the Retail Sales report.

This is a short one today and will be in training tomorrow.

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