Today's slide deck: https://bit.ly/3tE13bS -
The week is starting where we left last week with equities zooming higher into new all-time highs and US 10-year yield rising as well with the market preparing for inflation. Over the weekend Summers and Blanchard critized the $1.9bn US stimulus plan as having the potential to create the worst inflation in a generation. In the short-term equities benefit over bonds and that is what we see expressed but as interest rates levels rise we do expect a sizeable impact on speculative segments of the equity markets. We are also looking at commodities as this sector is at the receiving end of global stimulus. We discuss bottlenecks in global manufacturing, higher oil prices and the reaction in gold. Today's call with Ole Hansen on commodities and Peter Garnry hosting and on equities.