The week in one read
Equity convexity flattened through mid-May as realised vol mean-reverted, while desks noted pockets of dispersion in commodities rather than directional beta. Liquidity chatter remains two-way ahead of CPI/FOMC windows.
Risk toneConstructive | Two-way but not all-clear
USD pressureSofter | Asia fixes vs London roll noise
VolatilityEvent-led | CPI/FOMC windows dominate
Crypto betaNeutral | Funding neutrality pre-weekend rollover