Stocks have rallied to record highs while the Iran war is merely paused, oil prices are elevated, and inflation remains sticky. But while equity investors cheer the recovery, is the bond market quietly telling a different story?

And in today’s Dumb Question of the Week: What is the crack spread?

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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.

Copyright 2026 Many Happy Returns

Making Sense of a Weird Market: Record Highs, Sticky Inflation, and Silent Alarms

Many Happy Returns