The dominant theme currently is without a doubt the bond market sell off and some analysts arguing that there’s not enough inflation threat, or enough zip in the economy, to make me think yields can march higher without interruption. However, looking at the most recent CFTC data, might give pause for concern. It indicates UST longs are being reduced , rather than being massively short yet. Worse may be yet to come, and in today’s macroeconomic briefing we highlight several pieces of research that explore the potential depth of the sell off in global rates (See MI2 Partners below) and the multi-asset implications (See JPM below). And while it may be a mugs game picking the top of the equity market, we provide some insight from the technical experts to assess where equity markets could be headed and what levels are likely to signal the beginning of a bear market (MTS Research below), while we also look at the importance of country selection in a market where valuations are extended (Top Down Charts).