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July 21, 2021

Economic data and market signals are suggesting the recovery has moved beyond the early cycle stage and the rate of economic growth is going to likely lose speed. This has implications for the amount and the type of things that can perform well.

Last week, we noted that Treasury yields have been declining while other market signals were not suggesting that growth and inflation were declining.  Last month, we noted that on a longer-term basis cyclicals, higher beta, and lower quality securities were outperforming even though they had been recently lagging.  We believe it would be helpful to...
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