Fastest Stock Market Rally In 90 Years

Conclusion

The Fed is dominating the TIPS market, but nominal rates keep rising. We could easily see the 10 year yield get above 2% if the Fed stops buying TIPS, but it probably won’t this year. It will probably end QE sometime next year and hike rates in 2023 if the economy quickly recovers. There is a bubble in emerging tech stocks. Hedge funds are very long equities. Retirement millionaires are being minted by the tens of thousands. This is a somewhat strong market with pockets of extreme bullishness. The exuberance index is spiking. Either it will get worse for a few more months or the bubble will pop. There is no in between.

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