And Now, For A Geopolitical Reality Check…

Markets were hit with something of a reality check on Wednesday, after the US Senate's passage of a bill in support of the Hong Kong protesters dented previously ebullient sentiment. China reiterated its threat to retaliate and urged the US to take steps "immediately" to ensure it doesn't become law. Equities slid globally and 10-year yields in the US are suddenly back down to 1.75%, a three-week low. It wasn't that long ago when a sustainable jump above 2% looked like a foregone conclusion. T