Stagflation Fears Spark Rate-Cut Rout; Tail-Risk Hedging Reaches Record High

With the finish line for the year in sight, the S&P finished this week just shy of marking its 58th record high close this year; the only years with more all-time highs: 1995 (77), 2021 (70), 1964 (65), and 2017 (62).

But, for now, it's still the best YTD S&P 500performance since 1997...