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Is the Real Economy Decapping?
In terms of the markets, we really have been in this huge range. We dipped down for a little bit there in the beginning parts of June, rallied quite a bit off the bottom. To get the equities to really roll over hard, I think you need to see unemployment really tick up because passive investment plays such a massive role. As yields continue to trend lower, there's rebalancing into equities which has stabilized all markets.