The Week That Will Be (23 May 2021)

What a tangled web we weave, when we conspire to QE...

On the one hand, taper is the word of the day, with bond yields rising alongside expectations of economic growth. On the other, there are fears of a tantrum as the vast amounts of intervention ebb away to a trickle. Both shouldn't be true at the same time, as Main Street should match Wall Street. But the conundrum will persist because of the wedge that was deliberately (and understandably) driven between the two. The authorities couldn't allow the recession to be priced in, or it . . .

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