multi-percentage point drop to multi-month lows, which came without a clear catalyst. Digging through the details, domestic production was unchanged at 12.1MM b/d last week, hovering just below a post-pandemic high. So far the lack of a rise in U.S. oil output amidst triple-digit oil prices is a lingering tailwind for the market as there is still more than 1MM b/d in potential capacity if we only were to look at the previous record high of 13.1MM b/d, and not even considering the potential for new wells to come online. Looking t the better-than-expected jobless claims (which implies still-solid economic growth). The 10s-2s spread closed at -19 basis points, and again while clearly that’s an improvement over the -50 bps from earlier this summer, it’s not a “good” reading and still clearly implies a looming material economic slowdown—and that is something the stock market is absolutely not pricing in at current levels