Bob Elliott
· Nonconsensus
· July 22, 2026 at 10:28
| Read on Substack ↗
Summary
The article appears to argue that equities have priced in a de-escalation scenario well before any formal memorandum of understanding (MoU), creating unusual cross-asset pricing dislocations. However, the full text is truncated, so the complete argument and market implications cannot be assessed.
•The last six weeks have produced some of the strangest cross-asset macro pricing in recent memory.
•Equities front-ran the path of de-escalation before the MoU was signed.
•The article title suggests equity markets are ignoring a bond shock, implying a disconnect between asset classes.