美银：资金流向观察-从美国例外主义到美国信誉扫地

Scores on the Doors: gold 19.5%, govt bonds 4.3%, IG 2.4%, cash 1.2%, HY 0.2%, commodities -5.5%, stocks -6.2%, US dollar -7.0%, oil -16.1%, crypto -38.8% YTD. Zeitgeist: "I wouldn't want to be a waiter in Boca Raton tonight," retired investor on US muni bond meltdown. The Flow Show US Exceptionalism to US Repudiation Zeitgeist: "Musk owned the long-end in Q1, but now the long-end owns Trump." The Biggest Picture: "US exceptionalism" ending, "US repudiation" starting; end of era of "US buys RoW goods-RoW bu ...