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Morning Notes

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Morning Notes — Decoupling

Morning Notes — Decoupling

Increased fiscal stimulus expectations and vaccine optimism have been presented together in the recent bullish narrative, but these two themes will likely uncouple in the days ahead.  Encouraging JNJ Phase 3 data would greatly reduce the need for large-scale fiscal relief.

Morning Notes — Banks

Morning Notes — Banks

We turned incrementally positive on cyclically sensitive ‘value’ sectors in mid-September. Our level of conviction level increased on October 21 when 10-year Treasury yields broke through 0.79%, again on the November 9 when PFE/BNTX vaccine data exceeded expectations and again last week as the 5-year/30-year