Postcards: The State of Our Union is “Banana Shaped”

This is an insane asylum.

Market Update:

The VIX is back at 14.85 - which is really nothing. Today's big news is that the wage figures were up marginally, and we came in on jobs at 275,000. With capital continuing to swirl and foreign investors piling into U.S. equity markets, this bonanza could continue for a while. This ongoing rally has defied the broader narrative about higher for longer interest rates - and we see ample support from the U.S. central bank to ensure support for asset prices, whether this was their intention or not.