Things Just Got ‘Real’

An increasingly acute tightening impulse from a buoyant dollar and surging US real yields is turning the screws on risk assets. The move crescendoed midway through this week, when five-year reals exceeded highs seen in June to reach levels not witnessed since 2019. Falling commodity prices weighed on near-term inflation expectations, exacerbating the move, which was particularly acute in the two-year sector. This conjuncture is both a cause and a consequence of the stronger dollar. Five-yea
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4 thoughts on “Things Just Got ‘Real’

    1. Perhaps we will see something nasty coming out of Sand Hill Road. So much money poured into private equity structures over the past few years.

      The Party’s Just Begun!

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