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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with an update on how cyclicals have done relative to defensives and how much recent equity moves have to do with rotation (page 1). We then turn over to economic data with a recap of today’s residential construction numbers (pages 2 – 4) as well as an update of our Five Fed Composite (page 5). We then review the latest petroleum stockpile numbers (page 6) before closing with a recap of the 10 year TIPS auction (page 7).
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