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• Today the 30y yield topped 5.30% intraday, the highest level for the longest-term risk-free rate since 2007. That may sound ominous, but with some context the historical analogue gets even more interesting.
• While overall foreign fixed income flows have been modest over the past few years, equities have seen massive buying.
• While S&P 500 futures have the first net long positioning since March 2025, the Nasdaq 100 is t the most net short positioning since October 2020.

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