Some are concerned that the market is in the first stage of a crash. While further downside is not off the table, we feel that it's more likely the result of profit-taking combined uncertain retail traders adding to volatility.
During this months FOMC the Fed stated that it sees stronger economy & higher inflation, but no rate hikes. There are signs the market is more comfortable with the 10-year yield, howwever, we are not out of the woods yet.
A number of concerns around the broader economy and the market in particular remain, but market participants are becoming more bullish as economic data is improving. Therefore, we upgrade our outlook from Neutral to Bullish.