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A Relief Rally Correction, Budget Handicaps Conviction

In the week just passed the bond market gave back some of the gains from its relief rally that essentially came with the French election results a week ago and relative easing of the mood over geopolitics. This is presumably a pause in the grand scheme of things on both accounts and not a definitive “phew” that shoots US interest rates on a particularly bearish schematic. At least not yet.
A Relief Rally Correction, Budget Handicaps Conviction

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