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Will Governments Fall In Europe?

There is much in the way of risk "not priced in" to this market.

Clearly a full scale Russian Invasion of Ukraine is not bullish for demand...nor has been the Administration's response which to date has been weak and feckless.

This is neither proactive nor "risk positive."

Do not be surprised to see a significant market correction in the days and weeks ahead.

Disclosure: I am long TLT.