“Using the outlook for the economy to predict the direction of the stock market, which most appear to do, has it exactly backward. The stock market’s behavior will predict the economy’s future behavior.” - Bill Miller, billionaire investor and fund manager

The Through Line: Last week, we began an exploration of secular shifts that are influencing key macroeconomic variables such as inflation and interest rates (Regime Change Part I). This week, we delve into the many ways the stock and bond markets have evolved to provide enhanced breadth, depth and adaptability for an ever-widening circle of participants.

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