No Off-Ramp at Day 5 | Bonds Sell With Stocks | XLE vs JETS | CrowdStrike's Record Quarter, Sold Anyway
Five days into the US-Iran war, the market has stopped trading geopolitical hope and started trading duration. The signal that matters is not oil. It is the bond market, selling alongside equities instead of catching the flight-to-safety bid. When that happens, the Fed cannot ride to the rescue, and the playbook changes.
