A recalibration away from crowded trades as markets have scaled back expectations regarding US fiscal reform has taken 10-year UST yields 20bp lower since mid-December to around 2.40%. Execution risk around the legislative and fiscal plans of the incoming administration is injecting a note of caution about the scale and timing of any stimulus.
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Macroscope: Happy New Year
- Published:
06 Jan 2017 -
Author:
Medley Global Advisors -
Pages:
3
A recalibration away from crowded trades as markets have scaled back expectations regarding US fiscal reform has taken 10-year UST yields 20bp lower since mid-December to around 2.40%. Execution risk around the legislative and fiscal plans of the incoming administration is injecting a note of caution about the scale and timing of any stimulus.