Florian, it is always a pleasure to read it. I have not done much statistical work, but I am surprised by the resilience of the economy. The results of many companies are ok. Restaurants are full, etc. How is it possible that things are not visibly better than one could expect?
Excellent piece, Florian. I literally read hundred+ market/economic reports weekly, and yours is by far one of the best. I really like your, “What does this mean for markets” section. Well done and thank you.
This is fantastic insight and really appreciated. Its nice to have someone explaining it to us in an easy format and most importantly, honest. Thank you.
Also, historically gold price pretty much tracks 10 year real interest rate. Before covid crisis, gold and bond pretty much go up together until the dollar liquidity crunch in March 2020 that leads to both gold and bond going down together. Why is this time different in your opinion?
recently TLT rallied but dollar index went down. What do you think is the market dynamic here? Thought both bond and dollar as safe haven to go up together. Seems counter-intuitive to see dollar down.
Florian, it is always a pleasure to read it. I have not done much statistical work, but I am surprised by the resilience of the economy. The results of many companies are ok. Restaurants are full, etc. How is it possible that things are not visibly better than one could expect?
Excellent piece, Florian. I literally read hundred+ market/economic reports weekly, and yours is by far one of the best. I really like your, “What does this mean for markets” section. Well done and thank you.
This is fantastic insight and really appreciated. Its nice to have someone explaining it to us in an easy format and most importantly, honest. Thank you.
Also, historically gold price pretty much tracks 10 year real interest rate. Before covid crisis, gold and bond pretty much go up together until the dollar liquidity crunch in March 2020 that leads to both gold and bond going down together. Why is this time different in your opinion?
Fantastic. In general, are non US Treasuries also potentially a safe-ish place to be?
I appreciate US are the best.
Thanks for another great piece.
Any thoughts on recent strength in crypto? I used to think crypto was all about liquidity and spec frenzy, so the last couple weeks has me confused.
Do you like all DM sovereigns? Not sure I want more USD exposure.
Hi Florian,
recently TLT rallied but dollar index went down. What do you think is the market dynamic here? Thought both bond and dollar as safe haven to go up together. Seems counter-intuitive to see dollar down.