• The rise in bond yields is finally having a bit of a negative impact on the stock market.  The “next drop” in yields should be important.  If (repeat, IF) it’s a quick/shallow drop, it will very likely create some stronger headwinds for stocks. 
  • We’re seeing some minor cracks in the high yield market.  It’s way too early to raise any warning flags on this asset class, but it’s something we’ll be keeping an eye on going forward. 
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