Morning Note | August 18, 2023 | Stocks Don't Outperform T-Bills?

Summary

• Stocks are down for the fourth day in a row, with the worst week since March.

• Interest rates are moving up, reaching cycle highs of around 4.3%. Rumors suggest that Powell may be more hawkish at the upcoming Jackson Hole meeting.

• New Apollo baby bonds is launched and will trade shortly.  Nice yield and investment grade rating.

• MCI and MPV raise thei…