Below-Consensus Inflation News Out of the U.K. and New Zealand Spark a Bond Rally
Highlights
• Global bonds rally as the U.K. and New Zealand are the latest to report benign CPI data
• Positioning and sentiment data show U.S. investors are all-in on the “risk-on” trade
• U.S. stocks may be rallying on momentum, but prices have run-up far ahead of fundamentals
• The data show the threat of a “new era” of inflation is overblown
Key Takeaways
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