@biancoresearch is correct to point out the the K shaped Economy is also happening in the Equity Markets… AI stocks vs Everyone else. The entire index is being carried increasingly by tech. What this means is that future growth is likely to be more muted than the last 4 years and that slowdown in growth could flatten future $SPY returns. If this were come to pass, wealth effect could be more muted and resulted in the slowdown in consumption and with it inflation. Going long bonds here looks like the obvious play but how much…
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