Meanwhile in markets, the US Vice Presidential debate didn’t change anybody’s opinion on the election one way or the other. So, we the recent upswing in US Treasury yields remains intact. Now, out of poverty some folks have dubbed the increases in Treasury yields the reflation trade. We disagree. The move is modest and the level of real and nominal Treasury yields is extremely low. But we understand that folks are in desperate need of a narrative as markets are so boring these days of even more extreme central bank largesse.

 

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