Macro Strategy Insights

A Pause to Negotiate a Deal?

Basically we wound up at the better end of our “base case” in yesterday’s Spaghetti Western, and you could argue we made it all the way into our best case of “ceasefire.” (I’m reluctant to label it that, as you will see, but it is touching on that end). I do think we are far from a “real deal.” In any case, markets are responding accordingly as both sides send people to Pakistan to negotiate a deal. Stocks are up strongly across the globe, with Europe and Asia leading the way (they were hit hardest by the conflict). Bonds too ... A Pause to Negotiate a Deal?

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