Boy That Escalated Quickly

AI mania and easy-policy bets pushed assets to highs, but not even a good NVDA print and an employment report opening the door for a Dec easing could do enough to keep the euphoria from fading.

Over the last few months the markets have been driven by two intersecting manias which have driven most cross asset pricing: 1) the AI boom trade and 2) a bid for all financial assets driven by easy …