“It’s absolutely amazing to be honest.” Zed Francis looks at realized volatility over the past few months. “Risks used to be centered in a handful of institutions that reacted in a very similar fashion, ie banks…now risk is spread around,” which can mute market reactions. He also discusses hard economic data vs soft data and what they’re telling markets. He thinks tariffs will have “benign” effects on megacaps this quarter.
Market On Close
15 Jul 2025
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