The easier trade is the debasement trade: gold is moving because front-end policy remains supportive, Bitcoin is another candidate, and investors are exiting the dollar. The team is adding long gold.
The easier trade is the debasement trade: gold is moving because front-end policy remains supportive, Bitcoin is another candidate, and investors are exiting the dollar. The team is adding long gold.
US Treasury yields are at critical levels and could break higher, with potential for further curve steepening, as the Fed faces uncertainty on inflation and the market doubts the Fed's ability to react hawkishly, while the economic data and geopolitical risks support higher yields.