Policy Tremors
A mini-real rate shock, the Biden fair deal, the trade war recession and inflation dynamics
Policy Tremors
Last week brought tremors of the looming policy risks to the tailwinds driving our favorable 2021 Outlook. Following the Georgia Senate elections until FOMC leadership pushback this week, the Treasury market had a mini-Taper Tantrum with 10-year real rates (TIPS) increasing 16bp, the Euro sold off and cyclical stock driven equity market ra…