Macro Morning

By Chris Becker 

A much firmer response from the risk on crowd overnight as US stocks pushed to new highs while US interest rates plumbed new lows. Sentiment was helped on bond markets at least by nominations to the ECB and Fed, with Christine Lagarde to become the next ECB president. Treasury yields dropped even further as the US trade balance cratered again despite Trump’s trade war strategy of throwing tariffs at everything to shore up the hole.

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