The inverted yield curve is still causing a credit crunch in the private sector. The high government spending may support the economy for a while, but the economy cannot go forever without private investment.
I don’t disagree with your short term positioning, but I would be prepared to bail as soon as the credit market has another convulsion.
The inverted yield curve is still causing a credit crunch in the private sector. The high government spending may support the economy for a while, but the economy cannot go forever without private investment.
I don’t disagree with your short term positioning, but I would be prepared to bail as soon as the credit market has another convulsion.
Thanks for the article!
Great piece as always! The Gilts and Bunds were tough to trade. I remember you had put 5y Treasuries on along with those - do you still hold these?
Excellent analysis! important puzzle piece to rationalize the macro narrative. Thanks!
My pleasure!