Back in the day, we used to chant "woot woot" quite happily. No, our trading floor wasn't full of Dungeons & Dragons fans but it was keen on the acronym for the World Of One Trade. Yes, it was all one trade in the days of QE, and indeed in the dark days of the Financial Crisis. Everything was correlated.

So we were struck by this chart from GS, which showed the 3 month correlation in stocks had increased at its fastest pace since . . .

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