As the United States approaches the end of college basketball’s March Madness season, financial market participants have already endured almost three months of “madness” via the fastest repricing in the trajectory of growth, inflation and monetary policy in decades. The first pivotal moment for the repricing in question occurred around the time of the U.S. employment report on the morning of February the 3rd, where incredible strength in the labor market spurred the financial markets to rethink expectations of an economic hard landing (see Figure 1). Much of the data since then has continued to surprise to the ... (full story)