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Equity Convexity Is Back "In Play" - A Reminder Of How We Got Here

Some observations on the deteriorating state of the market from RBC's Charlie McElligott, Head of US Cross-Asset Desk Strategy A Reminder on "How We Got Here" The market continues to “buy into” growing long-term narrative that CBs are shifting from notional “flow” of QE purchases to yield targeting / curve steepening goals and desire for more fiscal policy. To anybody being intellectually honest, this should be interpreted in the long-term as “a path to tightening.
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