It's All About Liquidity & Inflation Now
The Macro Trading Floor
The Relationship Between Inflation and Bond Markets
A lot of the correlation between global liquidity and global risk assets actually stems from the dollar exchange rate rather than the liquidity. So if you look at global liquidity measures, they look outright abasmo because of the very strong resurgence of the dollar over the past month. And there will always be a relationship here because people who invest in effects care about carry. This is one and in particular real yield differentials between Europe and the US. Right now, Europe has been having some pretty bad economic surprises relative to expectations, and especially relative to the US. If an economist is much better relative to another then you'll have more money flowing towards the economy, which is doing better. Now, that's
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