Mailbag: Seasonality and Defensive Flows

RenMac digs into the growing political stakes around the Fed chair decision, why global yields—especially in Japan—are reshaping risk appetite, and how improving breadth, regional banks, and small caps point to healthier market internals. The team also breaks down Davos takeaways on trade, rare earths, and China strategy, why good news for the economy doesn’t always translate into good news for the markets, and what to watch next as yields, seasonality, and leadership trends evolve.