The reflation and inflation meme tightened their grip on the markets. Interest rates have risen, and curves have steepened. Two events occurred around the same time in early November that sent a similar signal: the US election with prospects for significantly more stimulus and a vaccine's availability. Since the US election and the announcement of a vaccine in early November, the 10-year US break-even has risen from about 165 bp to over 225 bp, before finished the week near 2.15%. accounting for the nearly 50 bp increase in the nominal 10-year yield. The CRB commodity index has gained nearly 30% between the vaccine ... (full story)