Strong growth in the US, likely recession in the euro area
US GDP growth came out just below consensus expectations at +6.4% on a qoq annualized basis, which pushed bond yields a bit higher but also…
Democratic lawmakers of the House of Representatives have launched for the second time an impeachment against the US President. US equity markets were down yesterday, as the strong rise in bond yields raises many doubts about the sustainability of stretched valuations. The USD strengthened as well (EUR/USD touched 1.2132), but these trends seem already reversing, as Mr. Biden is expected to unveil the details of its fiscal plans on Thursday, which supports recovery expectations.
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