Stocks and bonds diverged last week, as volatility kicked into high gear especially around semi-conductor stocks. Yields came in across the curve as long term inflation expectations subsided. Gold and Bitcoin lost ground, and the US Dollar continued to grind higher.
The last two weeks were rather uneventful, so this is a quick summary of price performance in 2025, and a look ahead to 2026. Are we in a bubble and don't know it?
