DC Lite #108

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1. Landing views. Expectations among FMS investors for a "No Landing" outcome have gone from 7% in January to 36% today.

2. Inflation surprise (I). "The inflation surprise index has moved into positive territory."

3. FMS vs. commodities. Allocation to commodities saw the largest monthly increase on record. FMS investors are now overweight the asset class by the most in a year (and for the first time in 5 months).

4. TINY (I). "The TINY (there is no yield) market means that you can now get almost 4x the yield in Treasury Bills rather than US Large Cap stocks...in the last 100 years has only ever been the case in the Tech Bubble years."

5. SPX breadth. Large-cap breadth has deteriorated sharply over the past 2 weeks.