When the largest asset manager in the world says to reduce equity exposure, it makes sense to listen. From Marketwatch:

“…bond yields can no longer be ignored, and the world’s largest asset manager is now shifting money into Treasurys — specifically shorter-term paper — while taking some U.S. equity exposure off the table.”

We heard the same from Paul Tudor Jones on CNBC this morning, comparing the current environment to 1999.

“2027 is going to be really, really challenging for the stock market…I’ll be short the whole year. There just — there’s little value,”

Futures are slightly lower ahead of tomorrow’s CPI print.

Like us, Jones is bullish on oil – saying that prices could rise another $25/barrel. I couldn’t agree more – though he suggests it will happen after the midterms while we’re leaning toward before the midterms. Either way, it wouldn’t be great for stocks.