We're close to neutral risk in our portfolios, notes Sébastien Page. He discusses bullish and bearish cases for the markets. He talks about his Magic Barbell Strategy in treasuries. He goes over how high yield bonds have shorter duration than core bonds, they look cheap relative to stocks, and higher quality than it used to be. He mentions that you can overweight high yield as part of the "Magic Barbell" with long treasuries. He highlights how recession signals are distorted from the pandemic and there is a ton of cash in the system. He also doesn't see a hard landing. He then previews Jerome Powell's speech on Friday at Jackson Hole. Tune in to find out more about the stock market today.