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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, we highlight an uncommon occurrence of volatility slamming on the brakes and what has happened in the one other instance we found.  As gold runs up near multi-year resistance, we then show how the metal has underperformed over the past decades. Turning to macroeconomic data, we give a reason to doubt today’s weak Empire Manufacturing number.  Before finishing with a look at today’s release of Treasury flows, we review corporate credit and the ongoing rally in spreads.

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