Narrating The ‘Everything Ripper’

If you have even a passing interest in markets, macro and monetary policy (and if you're here, you presumably do), you should be able to recite some version of the narrative behind November's "everything rally" -- the "100-year melt-up," as Bloomberg hyperbolically dubbed it. The cross-asset gambol (or gamble, either works) was predicated first and foremost on relief from the acute selloff at the US long-end and, more generally, on the abatement of rates vol, which had migrated out the curve du