Year-to-date stocks are up 22%, and bonds are up 8%.1 It’s quite unusual for stocks and bonds to both be having such strong years. If there’s a strong outlook on the economy, stocks would be up, but interest rates would rise, muting bond returns. If the economy were weakening, the bond rally would make sense, but you’d expect stocks to be down. And, gold is up double digits.2 Gold usually responds to extreme conditions, such as the risk of a global crisis or high
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