Despite mostly downside surprises from U.S. economic data, hopes of a slower pace in interest rate normalization from the Federal Reserve pushed U.S. stocks and bonds upward. A seesaw week for U.S. stocks ended on the upside last week, though the rally was more a function of slow growth rather than a booming economy. We are seeing this dynamic more and more: when bad news is good news, and vice versa, which plays a part in keeping the markets volatile. Read more about my thoughts on this in my weekly commentary. The irony is not lost on us. With the notable exception of the labor market, U.S. economic data are generally running below expectations, to the point where an index of economic surprises (Bloomberg ECO U.S. Surprise Index) is now at its lowest level since 2009. But instead of selling, investors are taking solace in the fact that low… Read More …