When positioning gets really, really crowded it's often a sign that we're about to see a reversal. All we need is the catalyst. Well, we got in spades with the US dollar this year.

Uncertainty in policy and the economy doesn't just hurt the stock market. It could also threaten the labor market. Past moves higher in the US Economic Policy Uncertainty Index often presaged a rise in job losses

Bond markets have outperformed equities in 2025, which is a clear sign of a risk-off mood in the broader market. Worth noting, however, that the most pronounced weakness has been in the crowded Mag 7 trade. The broader S&P 500 is down less than half vs the Mag 7 stocks.

When positioning gets really, really crowded it's often a sign that we're about to see a reversal. All we need is the catalyst. Well, we got in spades with the US dollar this year

The UK economy is in contraction again, according to the latest monthly GDP data