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  1. Brief notes


    Equities, yields, commodities, dollar (vs Euro) up. Precious metals down. NDX flat, $INTC down.


    US election, stimulus measures (UK & US), Covid, regional lockdowns, Brexit. The usual suspects. No real resolution.

    I was busy with personal stuff today. Normal service to be resumed tomorrow, hopefully. Something to ponder:

    stock market and economy never been less correlated

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  2. Steepener Trade Gets Traction

    Steepener in mainstream

    The FT devoted a long article about the steepener trade. The headline was that Biden would cause long-dated bond yields to blow. Various authorities were quoted, including Paul Singer, Russell Clark, Dymon Capital, as well as an analyst at JPM.

    This will not happen overnight, and it …

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