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The market has gone from panic to fresh highs in a hurry, and the big question now is whether this snapback rally still has room to run. In this week’s update, I break down the flow acceleration behind the move, why tariff refunds could add another liquidity tailwind in the months ahead, and why I still think end-of-cycle risk is something to watch closely — just not something the market has to fear yet.





En 1999, el Servicio Postal Mexicano, que por entonces era de propiedad estatal, emitió un sello conmemorativo para celebrar los sesenta y cinco años del banco de desarrollo ‘Nacional Financiera’ (Nafin) de México.