The optimizer loaded duration into goldilocks all week. Friday's wage print disagreed. ECI came in 0.9 vs 0.7, labor costs re-accelerating into firm growth. Risk-parity treats soft vol and resolved credit as permission to max the bond sleeve. Sticky wages break that transmission the moment costs stop decelerating cleanly. Size is still the least crowded factor in the late-expansion set. Median drawdown in this vol regime runs about 3.5 percent with a two-month grind back. Full heat is fine here. Full heat in the wrong sleeve is how you donate the next two weeks of edge. When the optimizer and the labor print disagree, trust the print.
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