This topical ‘research’ note just went out to anyone and everyone who subscribes to it freely and I thought I’d pass along and attempt to connect some dots …
They conclude,
… The global economy is clearly not yet firing on all cylinders, which we believe reduces the potential for international stocks to outperform the U.S. in the near-term. But global PMI data suggests solid and steady growth in global manufacturing activity along with some easing of supply chain bottlenecks and related inflation pressures. That elusive synchronized global economic expansion probably has to wait for more progress toward ending the pandemic but progress is being made.
While we wait, then, the global investor / trader community has plenty of options. While the aformentioned ‘research note’ above mentions STOCKS but as a (former) rates guy, might I offer there are ‘alternatives’,
Haters gonna hate but there are plenty of reasons to believe that some GLOBAL FORCES will work — at some point — to keep USTs in a range.
Key being at what point and for that, each and every day, will anxiously await whatever did / didn’t happen ‘while we slept’. Updates forthcoming. For now, get your NFP trades/hedges/investments/POSITIONS set!