• Stocks and commodities sell off as bonds rally, as Fed’s dovish response has raised recession concerns. Senate Dems plan to hold hearing on corporate buybacks on Tuesday.
  • Large cap stocks & growth stocks have firmly reasserted their pre-Q4 sell off leadership. Small caps have begun to lag – a symptom of waning breadth.
  • Our preferred measure of the yield curve inverted last week as Fed announces no more hikes in 2019 and September end to Quantitative Tightening.
  • Global growth slowdown is increasing expectations of Fed cut this year – WSJ reports probability of a cut by December is now above 50%.

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