RenMac breaks down a noisy March payrolls report that’s sending the wrong signal to the Fed, why markets may be misreading a slowing nominal economy, and how rising real rates—not inflation fears—are driving the recent repricing in risk assets. The team explores the growing disconnect between resilient equities and weakening growth, the role of the Iran-driven oil shock in pushing inflation expectations higher, and why markets keep pushing out the timeline for resolution in the Strait of Hormuz. They also discuss why sentiment hasn’t fully cracked yet, what could trigger a sharper earnings reset in Q2, and why the real opportunity may come after positioning turns more bearish.
