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Looking for deeper insight into markets?  In tonight’s Closer sent to Bespoke Institutional clients, we begin by showing how the performance of the S&P Retail Select Industry Index would look if it was rebalanced differently.  Next, we show the outperformance of the reopening trade versus semiconductors.  Turning to fixed income, we provide an update on the repo market and a preview of this week’s Treasury auctions. We then pivot over to the relationships between the dollar and oil as well as commodities and EM currencies. We close out with a look at the Empire Fed’s Manufacturing index.

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