Nomura’s McElligott: The Curve ‘Has Single-Handedly Told The Tale Of 2021’

If you're looking to hear the story of 2021 (for markets, I mean) you should consult the curve. For years, the "slow-flation" economic environment and the implications of that macro regime for duration, dictated persistent outperformance for secular growth at the expense of cyclical value. This is a familiar story to regular readers. While there are innumerable ways to visualize the situation, a simple chart of growth relative to value shows how grinding, perennial outperformance went paraboli