Less growth in the US, more inflation in Europe and still the Covid in China
Spectacular decline in bond yields: the US 10-year ended the week at 2.88%. It was at 3.47% in mid-June. The German Bund fell from 1.76% to 1.22% in 10 days. The markets are totally focused on the effects of monetary policy tightening and signs of economic slowdown. The dollar continues to…