Hmmm so if Chinese Exporters aren’t bringing the surpluses home, could they be acquiring other US assets like property and equities? Would help to explain the divergence between Bonds and Equities in part at least.
Another Chinese influence on bonds for me is their economy reopening fully. If full reopening is anything like the West it is ripe for Chinese inflation, inflation that would be exported to the West leading to higher rates and higher bond yields.
Hmmm so if Chinese Exporters aren’t bringing the surpluses home, could they be acquiring other US assets like property and equities? Would help to explain the divergence between Bonds and Equities in part at least.
Another Chinese influence on bonds for me is their economy reopening fully. If full reopening is anything like the West it is ripe for Chinese inflation, inflation that would be exported to the West leading to higher rates and higher bond yields.
Would keep the moustache - Cementing the Russell Clark macro brand identity ;)