Newsletter
KEY HIGHLIGHTS · **Headline CPI rose 0.6% m/m and 3.8% y/y in April**, while **core CPI rose 0.4% m/m and 2.8% y/y**—a reminder that inflation volatility is back in the driver’s seat.[1] · The **10Y–2Y Treasury spread is back to
Leaders-Laggards
Fed Minutes Reveal Members Anticipate Hikes If Inflation Persists; Kevin Warsh Sworn In As Fed Chair Friday; S&P +0.9%, Russell 2000 +2.7% Leads, Tech +3.5% Reasserts; Brent Oil -4% On Iran Whipsaw
Weekly Signals
Every intermarket signal stays on offense for a third straight week. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
Macro Observations
Macro Observations
3 from the archive worth your time (all paywalled): 1) URGENT - Doors Close at Noon ET: 1 CFP CE Credit on the 351 ExchangeIf you care about positioning, flows, and how macro narratives get priced, this is a useful one to revisit.Read: https://www.leadlagreport.com/p/urgent-doors-
Newsletter
Wednesday, May 20, 2026 · 2:30 PM ET · 60 minutes · Last-minute registration still open Today at 2:30 PM ET I’m hosting Jay Hatfield, CEO and CIO of Infrastructure Capital Advisors, for a live conversation on monetizing Nasdaq volatility for income — and the macro positioning behind his current
Newsletter
Join today’s CE-credit approved Lead-Lag Live webinar with Derek Yan, CFA of KraneShares and Max Chen of Etna Capital Management.
Newsletter
A sponsored Lead-Lag Live webinar with Derek Yan, CFA of KraneShares on AGIX, the AI ETF holding direct stakes in Anthropic, SpaceX, and Nuro. 1 CFP / CIMA CE credit available.
Newsletter
Wednesday, May 20, 2026 · 2:30 PM ET · 60 minutes The Nasdaq has been the engine of equity returns — and the source of most of the volatility. For income-focused investors, that volatility is usually a problem to manage. But it can also be a raw material to monetize. That’
Weekly Signals
Every intermarket signal stays on offense for a second straight week. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.
Macro Observations
Credit spreads at 2007 lows, VIX collapsing, CPI re-accelerating, and a Fed splitting 8-4 for the first time since 1992. The all-clear isn't an all-clear.
Global View
Warsh confirmed, Powell walked out, CPI printed 3.8%, stocks hit all-time highs on Thursday — and then the 10-year yield had the final word.