October 2018

“It’s a correction that I think is caused by the Federal Reserve, I think the Fed is out of control.” Donald Trump


  • US bond yields pushing beyond the three percent level triggered a tantrum in equity markets
  • This is not surprising and, importantly, also serves as a signalling mechanism to central banks
  • China’s supply-side reforms are bullish for the country but inflationary for the World
  • As the current correctional pattern unfolds, entry levels into many assets are becoming very attractive again

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