Highlights:

- Buybacks became more dominant in the first quarter even though their growth rate slowed

- Buybacks became more dominant in the first quarter even though their growth rate slowed

Highlights:

- Treasuries have returned to an inflection point that was established in 2022

- They return to that point in front of the potential lower inflation surprises that we highlighted earlier this week

- A move below that inflection point on inflation surprises could add fuel to the credit-led equity bull market