French spreads: The France-Germany 10-year gap hit 152 bps, widest since the euro debt crisis.
Jobs miss: September payrolls rose just 29,000, the 3rd-lowest reading of 2026.
Treasury Index YoY: Bloomberg US Treasury Index YoY is below its trending mean and within the historical mean ± SD bands.
Credit warning: Spreads hit 100-day highs and crossed above their 50-day average.
Stock allocation: AAII equity exposure rose to 71.8%, the highest since December 2017.
Equity risk premium: The US has the lowest ERP among major developed economies.
