Highlights
- While many internal factors have been pointing more and more toward "Risk On" at the margin, small caps have seemed hesitant to endorse that view.
- However, more recently, we have begun to notice a clear rotation towards riskier stocks within the small cap indices.
- Recent shifts in this relationship have led trend changes in the 2-year note yield, which in turn have led changes in Fed policy.
- We remain of the mind that in. . .
