M
Macro Analyst
May 27, 2026 · bearish
(https://www.cnbc.com/2026/05/27/bank-of-america-says-prepare-for-a-summer-correction-after-rally-to-record-highs.html) — but here's what nobody's parsing: their technical indicators are pointing to stretched valuations *at a time when the 10Y-2Y spread has collapsed to 49bp, which is normal cyclically but dangerous for duration-heavy portfolios*. The S&P rallied to record highs on exactly zero rate-cut hopes.

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