US doesnt look like a particularly strong signal. What is your sense of the situation? I recall your baseline scenario was for market to correct a bit and go higher closer to YE 2025. I suspect we can count a small VAR event early as correction, do you still expect move higher?

In my opinion there is more equity downside to come in the near term. I think the year-end rally into new highs that I was expecting may either be very sharp if occurs in 2025 following a decline, or more likely delayed into 2026. Moving target.