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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at the rapid bear-steepening of the yield curve. We provide the case that yields could have fallen further given the performance of Industrials versus Utilities and Copper versus Gold while also taking a look at how momentum driven the rates sell-off has been.  Turning to equities, with today’s jump into Q2, we look at the at least neutral to bullish case given prior instances of strong Q2 starts. In macro data, we delve into the strong print of Construction data which rose 1% MoM versus the 0.2% decline forecasted before moving onto Retail Sales that continue to be a mess.

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