The U.S. stock market has surged to new all-time highs. At the same time, the U.S. bond market has suffered a rout. Optimistic investors are seizing on this stark divergence as evidence that investors are embracing the anticipated pro-growth policies under the new administration and are unleashing their animal spirits. While this makes for a great narrative in the financial news media, it is important to dig deeper into the data to find actual evidence of a major shift in portfolio positioning by investors.
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