> curve inverted and interest rates have begun to go up. Risk on?
Yes, we’re still seeing billions of dollars being deployed into start-ups [1], crypto and the like. We are less risk on than we were. But within America, there is no flight to safety. (Internationally, it’s more complicated.)
What is this based on? Every indicator suggests we’re still in a risk-on mode as an economy. It’s why we have inflation.