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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, while it may have been a quiet day in equities before a massive amount of earnings in the days to come, credit was a different story.  High Yield credit fell from open to close for its fifth straight day and the yield curve has steepened, we explain what this could mean going forward.  Next, we cover risk sentiment as seen through the VIX.  Turning to macroeconomic data, we look at today’s Chicago Fed National Activity Index release which came in weaker than forecast with a revision lower. We finish with a look at our Beige Book Index, updated with last Thursday’s release.

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