Global View
When Oil Broke Gold's Hand
The Hormuz peace trade unwound crude and yields in lockstep, but gold refused to follow the script — and that refusal is the whole tell.
Newsletter
Newsletter
Starting in Under an Hour: Autocallable Income Strategies — Live at Noon ET
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Today at Noon ET: Autocallable Income Strategies — Live with Will Rhind (GraniteShares)
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Macro Observations
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High Yield Spotlight
The Blue-Chip BDC Trading at a Discount: Is Blackstone's Credit Machine Worth the Premium Name?
Blackstone Secured Lending Fund (NYSE: BXSL) — A 13% Yield Built on 97.6% First Lien Loans, With Cracks Beginning to Show
Newsletter
When AI Stops Predicting and Starts Doing: The Investable Shift From Screen to Physical World
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Weekly Signals
A Market Divided (2)
Signals are split evenly between offense and defense, pointing to a market at an inflection point.
Global View
When the Yields Won
A blowout jobs print pushed the 10-year to 4.55%, and a holding Iran ceasefire pulled the geopolitical bid out from under everything.
Leaders-Laggards
Streak Broken: Hot Jobs Print Kills Tech, Iran Strikes Revive Energy, AI Rotation Begins
S&P -2.55% Snaps 9-Week Run; Nasdaq -4.65% On Broadcom Miss + AI Pullback; XLE +2.45% Flips Back To Leader On Iran/Israel Strikes; Jobs +172K Pushes Fed Cuts To 2027; Gold -5.0%; 10Y Holds 4.55%
Weekly Signals
Three Holds, Treasuries Hedge
Three of four signals favor risk-on positioning. The Treasury rotation lone holdout continues to flag a defensive undertone beneath the surface.
Newsletter
Curve Re-Steepening, Calm Spreads, and the Credit Rotation Trap (JOJO)
KEY HIGHLIGHTS - BB high-yield risk premia remain compressed: **BB OAS was ~1.77% (Apr 20)**, near the bottom end of its post-2020 range.[1] - Equity volatility is not flashing “crisis,” but it also isn’t asleep: **VIX closed ~18.87 (Apr 20)** after spending much of April in
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🚨 TODAY at 2 PM ET — Income Investing With Infrastructure Capital (CE Credit)
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