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  1. john owen says:

    A couple of points. normalizing to pre-covid bond yield levels, we are already mostly there. THat is not a massive backpup as rates were still very low at the begingin of 2020. and That was at the end of an expansion with record low unemployment. We needed supper low yields at the end of said expansion to keep the wheels on. And we have added how many $trillions of debt since? No mention here of rising taxes on corporations and individuals to pay for this. How about a catch down in goods spending after the bike, boat, wheelbarrow, bathroom reno orgy of the past year?
    Employment back to 2014 levels 1 year after the quickest plunge in employement ever is not such an amazing feat. I would wager this will slow down materially later this year and the remaing “7” years of employment make up will take a long time.

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