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The Positional Flux in the Bond Market
The consensus trade for 2021, has been a steeper curve. But as macro variables have stopped explaining some of the moves in interest rate markets, that's why our model confidence number drops. We saw a pronounced change in fact, the leadership for US tech stocks,. looking at NASDAQ, looking at XLK. And it became the dominant driver of all our growth models. It actually briefly fell out of regime but we're back in a macro environment now. One of the main drivers of US financials and on the positive, you can see, as you'd expect, steeper Curve.