Mark Cudmore turns bearish as the prolonged Strait of Hormuz closure re-introduces tail risks ignored by markets still pricing an AI boom. He sees a growing disconnect between AI optimism and worsening economic damage, which must close negatively unless the strait reopens. Bonds may rally short-term on a reopening but face lingering inflation and fiscal concerns.
implicit
explicit
implicit
explicit
inferred
Bloomberg
7.0
Financial Media
Mark Cudmore 3.0
Financial Media
Mark Cudmore 3.0
Brent Crude; Treasuries
5/26/2026 10:13:23 AM
dxy
No explicit mention of DXY; given mixed signals on bonds and commodities, the dollar likely trades sideways without a clear catalyst.
metals
Things like copper have a very much a structural story... the structural story is good.
Copper and metals are overheated short-term but have a positive long-term structural story due to infrastructure buildout.
| 5/21/2026 8:16:00 PM | short term cautious down | 5 days later | -1.43% | +0.71% |
| 5/15/2026 7:54:32 AM | short term down | 6 days later | -0.88% | +0.88% |
| 5/14/2026 8:54:29 AM | medium term up | 20 days later | -2.10% | -2.10% |
| 5/11/2026 3:12:21 PM | medium term up | 20 days later | -4.76% | -4.76% |
| 5/11/2026 3:12:21 PM | medium term cautious up | 20 days later | -4.76% | -2.38% |
| 5/10/2026 10:55:12 PM | medium term up | 21 days later | -5.59% | -5.59% |
| 4/16/2026 5:48:30 PM | medium term up | 20 days later | -3.31% | -3.31% |
| 4/5/2026 11:26:47 PM | long term up | 60 days later | -7.23% | -7.23% |
| 3/30/2026 2:09:27 PM | short term down | 6 days later | +0.19% | -0.19% |
| 3/30/2026 10:13:06 AM | short term sharp up | 6 days later | +0.19% | +0.29% |
| 3/30/2026 8:59:32 AM | short term up | 6 days later | +0.19% | +0.19% |
| 3/30/2026 8:40:46 AM | short term sharp up | 6 days later | +0.19% | +0.29% |
| 3/30/2026 8:40:46 AM | short term up | 6 days later | +0.19% | +0.19% |
| 3/27/2026 11:59:23 AM | short term down | 7 days later | +2.98% | -2.98% |
| 3/23/2026 12:16:34 PM | short term sharp down | 6 days later | +2.62% | -3.94% |
| 3/23/2026 9:56:47 AM | short term down | 6 days later | +2.62% | -2.62% |
| 3/23/2026 9:48:17 AM | medium term sharp down | 20 days later | +7.99% | -11.99% |
| 3/20/2026 2:30:40 AM | short term down | 7 days later | +2.61% | -2.61% |
| 3/19/2026 10:26:26 PM | short term down | 5 days later | -0.51% | +0.51% |
| 3/6/2026 10:25:51 AM | short term down | 5 days later | -2.08% | +2.08% |
| 3/2/2026 9:57:35 AM | short term up | 5 days later | +0.84% | +0.84% |
| 2/23/2026 10:19:28 AM | short term up | 6 days later | +2.61% | +2.61% |
| 2/19/2026 11:46:00 PM | short term up | 5 days later | +3.19% | +3.19% |
| 2/13/2026 12:58:03 AM | short term down | 7 days later | +3.88% | -3.88% |
| 2/12/2026 8:51:59 AM | medium term up | 20 days later | +0.77% | +0.77% |
| 2/6/2026 10:08:01 AM | short term cautious up | 7 days later | -0.89% | -0.45% |
| 2/3/2026 11:03:27 AM | medium term sharp up | 20 days later | +4.59% | +6.89% |
| 2/2/2026 8:50:45 PM | short term sharp down | 6 days later | +2.47% | -3.71% |
| 2/2/2026 10:10:47 AM | short term sharp down | 6 days later | +2.47% | -3.71% |
| 1/29/2026 9:23:52 AM | short term up | 5 days later | +4.24% | +4.24% |
| 1/29/2026 9:18:07 AM | short term sharp up | 5 days later | +4.24% | +6.35% |
| 1/28/2026 1:08:47 AM | short term sharp up | 5 days later | -8.60% | -12.91% |
| 1/27/2026 5:40:35 AM | short term cautious down | 5 days later | -13.52% | +6.76% |
| 1/26/2026 2:05:23 PM | short term cautious down | 6 days later | -9.60% | +4.80% |
| 1/26/2026 10:56:46 AM | short term cautious down | 6 days later | -9.60% | +4.80% |
| 1/26/2026 10:10:52 AM | short term sharp up | 6 days later | -9.60% | -14.40% |
| 1/21/2026 3:54:53 PM | short term sharp up | 5 days later | +2.97% | +4.45% |
| 1/19/2026 10:27:54 AM | short term sharp up | 6 days later | +7.81% | +11.72% |
| 1/14/2026 9:49:21 AM | short term sharp up | 5 days later | +2.95% | +4.43% |
| 1/14/2026 6:48:56 AM | medium term up | 20 days later | +4.91% | +4.91% |
| 1/12/2026 3:24:56 PM | short term up | 6 days later | +1.41% | +1.41% |
| 1/12/2026 2:06:59 PM | short term up | 6 days later | +1.41% | +1.41% |
| 12/24/2025 10:09:01 AM | short term sharp up | 5 days later | -5.95% | -8.93% |
| 12/24/2025 8:43:44 AM | short term up | 5 days later | -5.95% | -5.95% |
| 12/24/2025 7:08:10 AM | short term sharp up | 5 days later | -5.95% | -8.93% |
| 12/22/2025 9:48:16 PM | short term up | 6 days later | -4.24% | -4.24% |
| 12/19/2025 9:48:49 PM | short term up | 7 days later | -2.70% | -2.70% |
| 12/1/2025 1:30:08 PM | medium term up | 20 days later | +7.78% | +7.78% |
| 11/24/2025 10:10:50 AM | long term up | 62 days later | +27.13% | +27.13% |
| 11/11/2025 3:01:41 PM | short term sharp up | 5 days later | -3.41% | -5.12% |
| 11/11/2025 2:03:07 PM | short term up | 5 days later | -3.41% | -3.41% |
| 11/11/2025 10:07:03 AM | short term sharp up | 5 days later | -3.41% | -5.12% |
| 11/10/2025 2:14:07 PM | short term up | 6 days later | -1.12% | -1.12% |
| 10/22/2025 11:01:29 PM | short term sharp down | 5 days later | -3.74% | +5.61% |
| 10/22/2025 10:20:48 AM | short term sharp down | 5 days later | -3.74% | +5.61% |
| 10/21/2025 9:16:26 PM | short term cautious down | 5 days later | -0.91% | +0.46% |
| 10/20/2025 6:00:17 PM | short term up | 6 days later | -1.70% | -1.70% |
| 10/17/2025 10:27:37 AM | short term sharp up | 5 days later | -3.03% | -4.54% |
| 10/11/2025 1:00:48 AM | short term up | 5 days later | +3.16% | +3.16% |
| 10/8/2025 9:39:08 PM | short term cautious down | 5 days later | +4.91% | -2.46% |
| 10/2/2025 12:01:12 PM | short term up | 5 days later | +4.52% | +4.52% |
| 10/1/2025 10:25:13 PM | short term sharp up | 5 days later | +3.77% | +5.65% |
| 10/1/2025 3:37:28 PM | short term up | 5 days later | +3.77% | +3.77% |
| 10/1/2025 8:12:58 AM | short term sharp up | 5 days later | +3.77% | +5.65% |
| 9/29/2025 10:23:48 AM | medium term sharp up | 20 days later | +12.69% | +19.03% |
| 9/24/2025 12:53:15 PM | short term sharp up | 5 days later | +2.71% | +4.06% |
| 9/19/2025 10:47:12 AM | short term up | 7 days later | +2.79% | +2.79% |
| 9/8/2025 11:19:17 PM | short term sharp up | 6 days later | +1.39% | +2.09% |
| 9/5/2025 10:16:54 AM | short term up | 7 days later | +1.43% | +1.43% |
| 9/2/2025 8:43:37 AM | short term sharp up | 5 days later | +0.83% | +1.24% |
| 8/18/2025 11:31:36 PM | medium term sharp up | 20 days later | +9.39% | +14.08% |
| 8/14/2025 11:46:57 PM | short term down | 5 days later | +0.21% | -0.21% |
| 8/11/2025 10:07:32 AM | short term cautious down | 6 days later | -0.55% | +0.28% |
ndx
I'm now turning more negative and more bearish and more gloomy about it all.
The AI boom narrative is disconnected from worsening economic damage; unless the strait reopens, the disconnect will close negatively, implying downside for NDX.
| 5/25/2026 10:15:34 AM | short term down | 6 days later | +1.71% | -1.71% |
| 5/25/2026 9:42:20 AM | short term up | 6 days later | +1.71% | +1.71% |
| 5/22/2026 9:11:59 PM | short term up | 5 days later | +2.89% | +2.89% |
| 5/22/2026 4:48:45 PM | short term up | 5 days later | +2.89% | +2.89% |
| 5/22/2026 10:35:21 AM | short term cautious up | 5 days later | +2.89% | +1.44% |
| 5/22/2026 10:35:21 AM | short term up | 5 days later | +2.89% | +2.89% |
| 5/21/2026 9:08:20 PM | short term cautious down | 5 days later | +1.67% | -0.83% |
| 5/21/2026 6:44:38 PM | short term cautious down | 5 days later | +1.67% | -0.83% |
| 5/21/2026 5:46:09 AM | medium term cautious down | 20 days later | -0.12% | +0.06% |
| 5/20/2026 11:58:17 PM | short term up | 5 days later | +2.19% | +2.19% |
| 5/20/2026 9:19:43 PM | short term up | 5 days later | +2.19% | +2.19% |
| 5/20/2026 12:22:59 AM | short term down | 5 days later | +2.19% | -2.19% |
| 5/19/2026 11:25:08 PM | short term down | 5 days later | +0.63% | -0.63% |
| 5/18/2026 9:50:51 PM | short term cautious down | 5 days later | +2.30% | -1.15% |
| 5/18/2026 7:20:23 PM | short term up | 5 days later | +2.30% | +2.30% |
| 5/18/2026 1:45:35 PM | short term down | 5 days later | +2.30% | -2.30% |
| 5/18/2026 1:16:29 PM | short term down | 5 days later | +2.30% | -2.30% |
| 5/16/2026 12:12:07 AM | short term down | 6 days later | +1.68% | -1.68% |
| 5/15/2026 11:52:13 PM | short term down | 6 days later | +1.68% | -1.68% |
| 5/15/2026 5:45:06 PM | short term down | 6 days later | +1.68% | -1.68% |
| 5/15/2026 4:01:38 PM | medium term up | 21 days later | +1.45% | +1.45% |
| 5/15/2026 7:54:32 AM | short term down | 6 days later | +1.68% | -1.68% |
| 5/14/2026 2:29:36 PM | short term up | 5 days later | +0.59% | +0.59% |
| 5/14/2026 10:22:14 AM | medium term down | 20 days later | +4.40% | -4.40% |
| 5/14/2026 12:00:33 AM | short term up | 5 days later | +0.59% | +0.59% |
| 5/13/2026 11:31:04 PM | short term up | 5 days later | -2.57% | -2.57% |
| 5/13/2026 10:10:31 PM | short term up | 5 days later | -2.57% | -2.57% |
| 5/13/2026 9:18:02 PM | short term up | 5 days later | -2.57% | -2.57% |
| 5/13/2026 5:46:04 PM | short term cautious up | 5 days later | -2.57% | -1.29% |
| 5/13/2026 10:40:42 AM | short term cautious down | 5 days later | -2.57% | +1.29% |
| 5/12/2026 10:17:11 PM | short term down | 5 days later | -1.27% | +1.27% |
| 5/12/2026 9:45:39 PM | short term down | 5 days later | -1.27% | +1.27% |
| 5/12/2026 6:29:30 PM | short term down | 5 days later | -1.27% | +1.27% |
| 5/12/2026 5:44:45 PM | short term down | 5 days later | -1.27% | +1.27% |
| 5/12/2026 2:49:50 AM | short term up | 5 days later | -1.27% | -1.27% |
| 5/11/2026 8:32:50 PM | short term up | 6 days later | -0.24% | -0.24% |
| 5/11/2026 3:12:21 PM | medium term cautious up | 20 days later | +4.99% | +2.49% |
| 5/11/2026 8:25:16 AM | short term up | 6 days later | -0.24% | -0.24% |
| 5/10/2026 10:55:12 PM | medium term cautious up | 21 days later | +4.07% | +2.03% |
| 5/8/2026 9:25:43 PM | short term up | 7 days later | -1.11% | -1.11% |
| 5/8/2026 6:45:11 PM | short term up | 7 days later | -1.11% | -1.11% |
| 5/8/2026 10:33:30 AM | short term up | 7 days later | -1.11% | -1.11% |
| 5/8/2026 9:39:28 AM | short term down | 7 days later | -1.11% | +1.11% |
| 5/8/2026 12:54:54 AM | short term down | 7 days later | -1.11% | +1.11% |
| 5/7/2026 11:14:50 PM | short term cautious down | 5 days later | +0.45% | -0.23% |
| 5/7/2026 9:26:20 PM | short term down | 5 days later | +0.45% | -0.45% |
| 5/7/2026 7:11:49 PM | short term up | 5 days later | +0.45% | +0.45% |
| 5/7/2026 10:44:12 AM | short term up | 5 days later | +0.45% | +0.45% |
| 5/7/2026 10:02:35 AM | medium term up | 20 days later | +3.38% | +3.38% |
| 5/7/2026 7:06:33 AM | medium term up | 20 days later | +3.38% | +3.38% |
| 5/6/2026 4:25:04 PM | short term up | 5 days later | +1.75% | +1.75% |
| 5/6/2026 7:07:04 AM | short term up | 5 days later | +1.75% | +1.75% |
| 5/5/2026 10:15:04 PM | short term up | 5 days later | +2.52% | +2.52% |
| 5/5/2026 12:24:00 AM | short term down | 5 days later | +2.52% | -2.52% |
| 5/1/2026 4:44:32 PM | short term up | 7 days later | +6.04% | +6.04% |
| 4/30/2026 11:53:22 PM | short term sharp up | 5 days later | +3.21% | +4.81% |
| 4/30/2026 10:27:44 AM | medium term up | 20 days later | +5.94% | +5.94% |
| 4/27/2026 9:40:13 AM | short term up | 6 days later | +2.30% | +2.30% |
| 4/22/2026 12:50:22 AM | short term down | 5 days later | +0.92% | -0.92% |
| 4/21/2026 4:08:13 PM | short term up | 5 days later | +1.37% | +1.37% |
| 4/21/2026 9:48:39 AM | medium term up | 20 days later | +7.90% | +7.90% |
| 4/18/2026 12:01:38 AM | short term sharp up | 7 days later | +2.69% | +4.04% |
| 4/15/2026 6:29:05 AM | short term up | 5 days later | +0.56% | +0.56% |
| 4/15/2026 2:51:26 AM | short term up | 5 days later | +0.56% | +0.56% |
| 4/15/2026 12:05:32 AM | short term sharp up | 5 days later | +0.56% | +0.83% |
| 4/14/2026 6:20:19 PM | short term up | 5 days later | +1.47% | +1.47% |
| 4/13/2026 7:00:27 PM | short term down | 6 days later | +2.90% | -2.90% |
| 4/10/2026 12:48:22 AM | short term up | 7 days later | +4.75% | +4.75% |
| 4/9/2026 7:03:26 PM | short term cautious down | 5 days later | +4.33% | -2.17% |
| 4/8/2026 11:22:44 PM | short term up | 5 days later | +3.03% | +3.03% |
| 4/6/2026 10:46:54 PM | short term cautious up | 6 days later | +4.88% | +2.44% |
| 4/3/2026 3:02:21 AM | short term cautious up | 7 days later | +4.93% | +2.46% |
| 4/3/2026 12:36:51 AM | short term up | 7 days later | +4.93% | +4.93% |
| 4/2/2026 4:45:47 PM | short term down | 5 days later | +3.57% | -3.57% |
| 4/2/2026 11:25:19 AM | short term down | 5 days later | +3.57% | -3.57% |
| 4/1/2026 1:17:50 AM | short term up | 5 days later | +0.65% | +0.65% |
| 3/30/2026 2:09:27 PM | medium term down | 20 days later | +12.01% | -12.01% |
| 3/28/2026 6:03:36 PM | short term down | 7 days later | +5.40% | -5.40% |
| 3/27/2026 11:07:21 PM | short term down | 7 days later | +5.40% | -5.40% |
| 3/27/2026 2:00:21 AM | short term down | 7 days later | +5.40% | -5.40% |
| 3/26/2026 11:24:01 PM | short term down | 5 days later | +3.84% | -3.84% |
| 3/26/2026 9:40:28 AM | short term cautious down | 5 days later | +3.84% | -1.92% |
| 3/24/2026 10:39:13 AM | short term down | 5 days later | -5.01% | +5.01% |
| 3/23/2026 12:16:34 PM | short term down | 6 days later | -4.37% | +4.37% |
| 3/23/2026 9:56:47 AM | medium term down | 20 days later | +5.75% | -5.75% |
| 3/19/2026 10:26:26 PM | short term down | 5 days later | +1.11% | -1.11% |
| 3/13/2026 6:44:24 AM | short term cautious down | 7 days later | -1.89% | +0.95% |
| 3/9/2026 2:08:40 PM | short term down | 6 days later | -1.21% | +1.21% |
| 3/9/2026 10:03:43 AM | short term down | 6 days later | -1.21% | +1.21% |
| 2/28/2026 1:02:34 AM | short term down | 6 days later | -1.40% | +1.40% |
| 2/19/2026 11:46:00 PM | short term down | 5 days later | +1.27% | -1.27% |
| 2/13/2026 9:47:08 AM | short term down | 7 days later | -0.10% | +0.10% |
| 2/13/2026 12:58:03 AM | short term down | 7 days later | -0.10% | +0.10% |
| 2/11/2026 10:51:35 AM | short term down | 5 days later | +0.06% | -0.06% |
| 2/6/2026 11:41:39 PM | short term up | 7 days later | -2.12% | -2.12% |
| 1/29/2026 9:18:07 AM | short term cautious down | 5 days later | -2.59% | +1.29% |
| 1/28/2026 1:08:47 AM | short term up | 5 days later | -2.11% | -2.11% |
| 1/12/2026 2:06:59 PM | short term down | 6 days later | -0.83% | +0.83% |
| 1/8/2026 10:04:31 AM | short term down | 5 days later | -1.17% | +1.17% |
| 12/24/2025 8:43:44 AM | short term up | 5 days later | -1.54% | -1.54% |
| 12/24/2025 7:08:10 AM | short term up | 5 days later | -1.54% | -1.54% |
| 12/22/2025 9:48:16 PM | short term up | 6 days later | -0.24% | -0.24% |
| 12/19/2025 9:48:49 PM | short term up | 7 days later | +0.25% | +0.25% |
| 12/19/2025 10:45:28 AM | short term up | 7 days later | +0.25% | +0.25% |
| 12/19/2025 1:45:14 AM | medium term up | 21 days later | +1.28% | +1.28% |
| 12/18/2025 11:18:27 PM | short term up | 5 days later | +1.22% | +1.22% |
| 12/18/2025 8:02:41 AM | short term cautious down | 5 days later | +1.22% | -0.61% |
| 12/17/2025 11:36:40 AM | short term cautious down | 5 days later | +2.27% | -1.14% |
| 12/16/2025 11:40:23 PM | short term up | 5 days later | +3.30% | +3.30% |
| 12/11/2025 10:26:28 AM | short term cautious up | 5 days later | -2.18% | -1.09% |
| 12/10/2025 11:45:39 PM | short term up | 5 days later | -2.16% | -2.16% |
| 12/1/2025 2:08:24 PM | short term down | 6 days later | +0.28% | -0.28% |
| 11/28/2025 12:53:14 PM | long term up | 60 days later | +0.83% | +0.83% |
| 11/25/2025 4:59:14 PM | short term cautious down | 5 days later | +0.42% | -0.21% |
| 11/25/2025 5:18:20 AM | short term up | 5 days later | +0.42% | +0.42% |
| 11/24/2025 11:41:23 PM | short term up | 6 days later | +1.30% | +1.30% |
| 11/21/2025 1:49:16 PM | short term down | 7 days later | +1.89% | -1.89% |
| 11/21/2025 10:59:48 AM | short term down | 7 days later | +1.89% | -1.89% |
| 11/19/2025 1:40:42 PM | short term cautious down | 5 days later | +4.01% | -2.00% |
| 11/19/2025 1:30:46 PM | short term cautious down | 5 days later | +4.01% | -2.00% |
| 11/18/2025 1:29:07 PM | short term cautious down | 5 days later | +0.95% | -0.47% |
| 11/11/2025 7:51:50 PM | short term cautious down | 5 days later | -2.81% | +1.41% |
| 11/11/2025 2:03:07 PM | short term cautious down | 5 days later | -2.81% | +1.41% |
| 11/11/2025 2:03:07 PM | short term cautious down | 5 days later | -2.81% | +1.41% |
| 11/11/2025 1:10:20 PM | short term cautious up | 5 days later | -2.81% | -1.41% |
| 11/11/2025 10:07:03 AM | short term cautious up | 5 days later | -2.81% | -1.41% |
| 11/10/2025 2:14:07 PM | short term up | 6 days later | -2.87% | -2.87% |
| 11/10/2025 10:55:42 AM | short term up | 6 days later | -2.87% | -2.87% |
| 11/10/2025 10:55:42 AM | short term up | 6 days later | -2.87% | -2.87% |
| 11/7/2025 10:12:11 AM | short term down | 7 days later | -3.17% | +3.17% |
| 11/5/2025 5:35:23 AM | short term down | 5 days later | +1.61% | -1.61% |
| 10/27/2025 7:25:44 AM | short term up | 6 days later | -0.15% | -0.15% |
| 10/17/2025 10:27:37 AM | short term down | 5 days later | +2.18% | -2.18% |
| 10/3/2025 5:39:54 AM | short term up | 6 days later | -3.03% | -3.03% |
| 10/2/2025 9:07:28 AM | short term up | 5 days later | +1.42% | +1.42% |
| 10/2/2025 9:07:28 AM | short term up | 5 days later | +1.42% | +1.42% |
| 10/1/2025 10:25:13 PM | short term down | 5 days later | -0.21% | +0.21% |
| 9/26/2025 1:25:54 AM | short term down | 7 days later | +1.49% | -1.49% |
| 9/19/2025 10:47:12 AM | short term up | 7 days later | -0.60% | -0.60% |
| 9/19/2025 8:51:38 AM | short term up | 7 days later | -0.60% | -0.60% |
| 9/19/2025 7:17:12 AM | short term up | 7 days later | -0.60% | -0.60% |
| 9/12/2025 7:15:05 AM | short term up | 7 days later | +1.92% | +1.92% |
| 9/10/2025 8:24:03 PM | short term sharp up | 5 days later | +1.17% | +1.76% |
| 9/4/2025 9:41:48 AM | short term up | 5 days later | +0.83% | +0.83% |
| 8/29/2025 8:13:51 AM | short term up | 6 days later | +2.29% | +2.29% |
| 8/29/2025 8:13:51 AM | short term up | 6 days later | +2.29% | +2.29% |
| 8/28/2025 7:11:09 AM | short term cautious down | 5 days later | -+0.00% | +0.00% |
| 8/27/2025 1:15:21 AM | short term up | 5 days later | -1.99% | -1.99% |
| 8/25/2025 12:19:20 PM | short term up | 7 days later | -1.25% | -1.25% |
| 8/21/2025 7:19:44 AM | short term down | 5 days later | +0.29% | -0.29% |
| 8/20/2025 6:36:06 AM | short term down | 5 days later | +1.65% | -1.65% |
| 8/20/2025 6:36:06 AM | short term down | 5 days later | +1.65% | -1.65% |
| 8/12/2025 8:37:14 AM | short term cautious down | 5 days later | -0.57% | +0.28% |
| 8/7/2025 9:54:40 AM | short term up | 5 days later | +1.01% | +1.01% |
| 8/5/2025 10:31:22 AM | short term cautious down | 5 days later | +0.91% | -0.45% |
| 7/25/2025 12:39:07 PM | short term up | 7 days later | -0.72% | -0.72% |
| 7/16/2025 9:14:41 AM | short term up | 5 days later | -0.08% | -0.08% |
rut
RUT is more exposed to domestic economic damage from the strait closure and less to AI; Mark's bearish macro view implies downside for small caps.
wti
The strait closure directly impacts oil supply; Mark notes short-term trading dynamics in commodities are dangerous, implying high volatility for WTI.
yields
Mark says long-end yields will face flattening pressure, implying short-term yields may rise or stay elevated due to inflation and fiscal concerns, but a reopening could cause a short-term rally (yields down). Overall cautious up on yields in the short term.
