Fundamentals lifting, but credit's still hedging its bets

The real-economy side — copper, exports, employment — lined up cleanly and pushed the fundamental axis all the way to 0.71. But IG spreads blew out to -0.62 and quietly pulled the hand brake; the bond market isn't quite buying what the hard data is selling. No new positions today — when macro tells two different stories at once, I'd rather wait for one of them to blink first.