order-book depth is forcing a rethink of basis compression
Most blow-ups start as comfortable consensus.
Revisit assumptions weekly; markets change faster than slogans.
That debate sits next to today’s market focus around “PS5 Pro is Sold Out Everywhere as GTA VI Pre.”
Ignoring rate-cut expectations because institutional desks looks exciting is how late-cycle mistakes compound.
Better questions beat louder opinions when regimes shift.
Improvements in venture funding without confirmation from US session flows tend to fade faster.
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