Given that 2018 ended with the suspicion that decelerating global growth and falling inflation/inflation expectations would force the Fed to pause, bond markets all over the world had begun to rally along with risk assets. Seeing how his rebound has unfolded in Q1, the strength and broad-based nature of the uptrend in credit and risk suggest that the global economy may have averting the potential disaster scenario that was being priced in by markets in Q4 2018. In this light, 2018-2019 so far has more in common with 2015-2016 and 2011-2013 when compared to the prior two pre-recession periods leading up to the cyclical turns in 2000/2002 and 2007/2008. With that said, current market conditions still requires that market participants remain flexible even if a bias toward optimism continues to be favorable. All it would take is for the 2018 lows in credit and risk to give way for major trends and sentiment to shift meaningfully. Before discussing the rally in glob...