Central Committee Pressure Builds
Doubling down on state owned enterprises is no way to go through life
With the Trump administration and the Chinese Central Committee stumbling towards a formal trade truce they have ironically named ‘phase one’, ironic in that it is likely to be the only phase, the Treasury and equity markets are in another one of their ‘conflicting signals’ episodes. It is certainly excusable to believe the 20bp drop in 10-year Treasury…