A Good Friday for Jobs, not for Bonds
Tailwinds and policy risks, Good Friday payroll surprise, buyback comeback, regime change resistance
Private Sector Dynamism Rules, for Now
We have been consistent in our message that it remains ‘game on’ for our reflation thesis as evidenced by the relentless grind higher in market implied inflation expectations (inflation breakevens). The three tailwinds that we expected to drive equities and rates higher in 2021; a robust recovery in global manufactu…