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  "authorName": "Morgan Stanley",
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  "notes": "The chart highlights a clear inflection point in April 2025 across all three tracked metrics.",
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      "text": "De-escalation news flow has reversed most of the “risk-off” moves in equity factors and sectors",
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      "text": "Since the reciprocal tariffs delay announced on April 9th, equity market internals have signaled risk-on trends across several perspectives: On average, Cyclicals (ex energy) have outperformed Defensives, the high-volatility factor has outperformed low-volatility (sector neutral basis), and our tariff “exposed” basket of stocks has outperformed the tariff “resilient” basket.",
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      "text": "Source: Bloomberg, MSIM. As of May 20, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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      "text": "With De-escalation in Focus, Markets Have Exhibited “Risk-On” Trends",
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