A new U.S. president with US$1.9 trillion to spend, amateur traders taking on seasoned hedge funds, hot oil, digital art selling for tens of millions of dollars and grizzly bears in the bond markets. It has been an eventful start to 2021.
Then there's been the bond bears, who have given the government debt markets their worst run since the 2013"taper tantrum". U.S. Treasuries and German Bund have lost 6per cent-6.5per cent; emerging market currency debt holders are down 7per cent. The dollar has made the multitude of investment banks that predicted its fall look like fools by having its best Q1 since 2015 and any quarter since 2018.
"It is all been about the decoupling between the U.S. and the rest of the world," said Axa's chief economist Gilles Moec, highlighting that at over 6per cent, the U.S. is set to grow at its quickest rate since 1984 this year and faster than China for the first time in at least 20 years.https://fingfx.thomsonreuters.com/gfx/mkt/nmovarawjpa/Pastedper cent20imageper cent201617141725800.
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