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Looking for deeper insight on markets?  In tonight’s Closer sent to Bespoke Institutional clients, in spite of equities’ strong performance so far this year, we highlight the asset’s underperformance relative to commodities and fixed income.  Staying on the topic of fixed income, we take a look at the divergence between the long end and the front end of the yield curve, and what kinds of recessionary signals it is sending.  Further, we provide an update on the market’s expectations for rate hikes and cuts based on the OIS market.  Turning to macro data, we show another weak month of CPB data on global trade and industrial production, though it’s not all bad, as Germany trade and auto industry data is at least supportive.

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