Macro Observations

Weekend reading: 3 from the archive worth your time

If you missed a few paywalled pieces this month, here are 3 from the archive worth your time. Two cities, two nights, last seats — Boston tomorrow, NYC ThursdayIf you have been wondering why equities can rally even as rate expectations rise, this frames the positioning setup and the risk signal

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When You Want More of a Good Thing: A Leveraged Take on Daily Income

How the T-Squared Lift Series Applies 1.3× Exposure to a Daily 0DTE Covered Call Strategy on SPY

High Yield Spotlight

The 12% Monthly Paycheck That the IRS Can't Touch Until You Sell

NEOS S&P 500 High Income ETF (CBOE: SPYI) — $10 Billion in Assets, 12% Yield, and a Tax Structure That Changes the Income Equation

Global View

Three Round Numbers and a Memorial Day Airstrike

Dow 50,000. Nikkei 65,000. KOSPI 8,000. NVDA prints the best quarter in semiconductor history — and U.S. jets struck Iran, Bitcoin ETF flows went sharply negative, and gold confirmed a 15% correction.

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WHEN SPREADS ARE TIGHT, INFLATION IS HOT, AND THE CURVE IS STEEPENING — WHY CREDIT ROTATION CAN’T BE STATIC (ATACX)

KEY HIGHLIGHTS · **April CPI rose 0.6% m/m and 3.8% y/y**, while **core CPI rose 0.4% m/m and 2.8% y/y** — a mix that keeps policy uncertainty elevated.[1] · **High yield option-adjusted spreads sit near 2.82%** (latest), a level that implies credit

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WHEN THE CURVE RE-STEEPENS AND SPREADS STAY QUIET, CREDIT RISK IS HIDING IN PLAIN SIGHT (ATACX)

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

Markets Price 70% Odds Of A Rate HIKE, Yet S&P Runs An Eighth Straight Up-Week

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

Three Weeks Aligned

Every intermarket signal stays on offense for a third straight week. Trend, rotation, commodities, and Treasury behavior remain unanimously aligned with risk.

Macro Observations

A 30% off annual code, this weekend only

Macro Observations

Weekend reading: 3 from the archive worth your time

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-

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LIVE TODAY at 2:30 PM ET — Income Investing with Nasdaq Exposure (1 CFP CE Credit)

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

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Today at 11 AM ET: The AI Trade Is Hitting A Hardware Wall

Join today’s CE-credit approved Lead-Lag Live webinar with Derek Yan, CFA of KraneShares and Max Chen of Etna Capital Management.