Tuesday links: the end of securities regulation

MarketsDespite the market moving higher there are signs of risk-off behavior. (trendlabs.com)How does the stock market do after three consecutive years of double digit returns? (ft.com)Emerging market indices are increasingly tech-heavy. (rpc.cfainstitute.org)RatesDon't discount the danger of rising long term interest rates. (allstarcharts.com)The stock-bond correlation is higher when inflation is higher. (behaviouralinvestment.com)Are rising rates a vote on persistent fiscal deficits? (bonddad.blogspot.com)Prediction marketsPolymarket is launching markets based on the performance of private companies. (finance.yahoo.com)Minnesota has banned prediction markets. (npr.org)The CFTC isn't happy about it. (frontofficesports.com)Kalshi and Polymarket have an incentive to solve the insider trading problem. (semafor.com)Unlike in the Senate, House lawmakers and staff can still bet on prediction markets. (npr.org)Private assetsDirect lending volumes really took off after the Fed started raising