Janet Yellen is back and markets like that

Markets seem shifting stance ahead of Mrs. Yellen’s confirmation hearing before the Senate today. The content of her speech has already been released and it is without any surprise a plea for a very voluntarist budgetary policy, to begin with the stimulus package unveiled by Mr. Biden last week. US markets were closed yesterday, but European markets rebounded during the session and were followed by Asian markets overnight. Bond yields are picking up as well, while the USD weakened, the EUR/USD coming back to 1.21.

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