Danger lurks beneath the too-tranquil surface

Today's slide deck:    https://bit.ly/3jfyqPi   - Today we look at whether in relative terms at the very least, the market may have overdone the recent allocation away from China, as the strong rally there this week suggests. Elsewhere, we suggest that the recent sharp bounce-back in US equities is not necessarily a sign of market health if the "wrong" factors have driven the rally. Also on the call, a look at treasury issuance dynamics as we head into the danger zone on a possible debt ceiling showdown in coming weeks, the outlook for crude oil and more.  Today's pod features Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic