Two opposing forces accelerate
Today's slide deck: https://bit.ly/3pnR1bs - Today we discuss the further ramping of US equity prices to new record highs for the cycle on Friday, as US long treasuries sold off steeply and even added to their losses overnight, sending long US yields to new highs for the cycle. This represents a tightening of financial conditions that will have consequences at some level, and one that could arrive a bit sooner for this cycle given a more leveraged global economy and aggressive valuation multiples. Also a look at the effects of this backdrop on FX and the latest ramp in some commodities prices as well as how the market is positioned in commodities. Today's call with Ole Hansen on commodities, and John J. Hardy hosting and on FX.
