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I'm now to the top analysis of today's markets.

Are the bulls and bears both screwed?

Hi everyone, welcome to the ReelVision deli briefing.

With me today is Darius Dale founder of 42 macro.

Hi, Tarius.

Hey, Maggie, it's a pleasure to be here.

How are you?

Great to see you and we're asking that question specifically for you because

you tweeted last Friday and it caught our eye and you are worried

that both the bulls and the bears may be at risk here.

Walk us through what you're thinking is.

Yeah, so it really starts with kind of where market positioning and market consensus are.

If you look at the bond market, particularly short term, you know,

forward rate spreads whether you look at the feds near term forward spread or you look at

other forward spreads whether it be the 12 month forward, you know, TBO minus the spot T bill yield.

They're pricing in a very significant amount of fed easing over the next 12 to 18 months.

And if you look at fed funds futures, that easing is likely to start at least what's currently

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