Today's slide deck: https://bit.ly/3xnws4L -
Yesterday's reversal in the US 10-year yield due to less bad than feared PCE core inflation for October caused a relief rally in equities and especially technology and bubble stocks. However, as we note today a big change has happened inside the Fed with a less focus going forward on employment and more on inflation to protect US households. The market is adjusting its expectations for rate hikes next year to almost three suggesting 2022 will be a very different year from the previous two years. On commodities we discuss the upcoming OPEC+ reaction to the recent Biden administration release of strategic oil reserves to ease the pain from higher oil prices. Today's pod features Ole Hansen on commodities, Althea Spinozzi on fixed income, and Peter Garnry hosting and on equities.
Intro and outro music by AShamaluevMusic