Which market? The stock market? No. The bond market? To a degree. Markets are still digesting the news that there will be no rate cuts this year barring a

Which market? The stock market? No. The bond market? To a degree. Markets are still digesting the news that there will be no rate cuts this year barring a catastrophe. Stocks remain highly overvalued. Equity risk premium is in the gutter(https://www.morganstanley.com/ideas/equity-risk-premium-low-q1-2023 https://www.morganstanley.com/ideas/equity-risk-premium-low-...). There is little upside to stocks vs bonds right now. Stock valuations still aren't reflecting earnings revisions likely later this year as the economy cools. We've been riding on the savings built up during covid but that's starting to run dry. Personally, I'm almost 100% in T-bills with some long dated puts on the major indexes to hedge my unvested stock based compensation.