Hartnett: When Doves Fry

"Dove means never having to say you’re sorry"

Housekeeping: Happy Easter

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Intro:

No walkthrough needed this holiday weekend. Hartnett’s analysis is pretty clear anyway with similar analogs for the debt increase as a driver for rate cuts to lower interest expense.

One new observation for him is seeing the potential for increased regulation in the Tech sector. We also comment on that afterwards. He’s right. And its going to get worse for their earnings, and for our inflation as a result

Those brief sections are broken out for convenience with slides and more attached

Scores on the Doors (YTD):

1. crypto 57.3%,

2. oil 16.1%,

3. stocks 8.3%,

4. commods 8.5%,

5. gold 7.0%,

6. US dollar 3.2%,

7. HY bonds 1.5%,

8. cash 1.3%,

9. IG bonds -0.7%,

10. govt bonds -3.0%