Our overarching global market calls since late summer have been that heading into 2021: yields beyond the 5-year point should be prone to rise/curve to steepen equities should perform but higher rates open a rotation window from tech to value EUR/USD should be aiming at 1.25 or higher, but in the short term have problems with breaking through 1.20. Vaccine news of the last couple of weeks has strengthened our conviction on those calls. Currently, however, there seems to be an understandable pause in the curve and equity market stories, but we see this as temporary. With the COVID-19 news, pointing to an extremely ... (full story)