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Risk, return, repeat
Fiscal dominance is a reality and markets are reacting to that. It doesn’t necessarily mean inflation, it doesn’t necessarily mean crowding out private borrowers.
Policy support and post-COVID growth expectations have been the key drivers of equity market performance for months.
Chips with everything
What happens to long-term yields is hugely important to fixed income investors, asset-liability managers and asset valuations in general.
Sol y Viento
Oil prices have risen significantly over the last year but only after collapsing in the first quarter of 2020.
Retail money is having more of an influence on stock market trading these days, because there is so much of it.
Most investors acknowledge that markets are at high valuations although there is active debate as to whether this is a sign of impending reversal. I think not.
Some old favourite themes have been in focus this week as we took a breather from events in Washington.
I hope you were able to stay safe and enjoy the holidays and I wish you a very happy and prosperous 2021.
Risk premium repression
In 2021 the pandemic should be over, Trump will be gone and Brexit done. But one thing will still be with us and that is the overwhelming influence of monetary policy over financial markets