Cause:

Source: Bespoke

“You know the bottom line. The US economy is on a roll, and that will induce the Fed to keep adding pressure – gradually – to the brakes.” (Tim Duy)

Effect:

Source: Bloomberg

“You only buy those ETFs if you want to take money off the table,” said Bloomberg Intelligence analyst Eric Balchunas, who described them as “the equivalent of putting your money under a mattress.” (Bloomberg)