Weekly Briefing: 5/15/22

A furious Friday rally, but equities lower for the week and still down-trending...

Observations & Cross-Asset Performance

Bear Markets Don’t Need A Reason to Rally: For all intents and purposes, US equities are in a bear market. We use that term tentatively because it oversimplifies market conditions and tends to suggest a long-lasting permanence, but conditions can pivot quickly. Thus, it helps stay nimble: “Go where the research lead…