Mega forces are creating major infrastructure needs. We find the most investment opportunities today in places where multiple mega forces intersect. U.S. stocks were flat near record highs last week, with strong results from one key AI-related company helping buoy the market. U.S. 10-year yields rose. We watch April U.S. PCE data this week for any signs that services inflation is easing. We see it running too hot for inflation to fall to the Fed’s 2% target.
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