2026 Framework — THE #1 QUESTION.

Part Three of our New Series.

In Part 3 of this series, we’ll continue layering our best ideas, exploring connections and evaluating the risks & rewards ahead.

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In Part 2, I wrote:

We think markets are approaching a pivotal moment — and investors will soon vote if the driving force is still debasement, or if REAL GROWTH and industrial/cyclical forces are gradually strengthening.

In today’s edition, we’ll analyze this critical question:

• We’ll present our Global Rates & FX outlook — another core piece of the puzzle for this year.

• We’ll highlight key CYCLICAL signals which could define the year, and where to look for confirmation.

Markets are at a crossroads: “it’s all fun and games until something changes.”

As before, let me show you:

1. What is ALREADY happening,

2. Why it’s a potential game-changer,

3. What we’re doing about it.

Let’s get started…