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US: What to expect from the December FOMC meeting
The medium-term economic outlook has undoubtedly brightened in the past few months with financial markets buoyed by favourable vaccine news while fears of a protracted and difficult Presidential transition have eased. Data flow has pointed to an ongoing recovery while hopes of another fiscal stimulus have recently been revived. This more positive backdrop helped the 10Y Treasury yield to touch 98bp last week, nearly double the 4 August low of 51bp. Yet, the US economy is not completely in the clear. While a vaccination programme is coming, it will take time before it is distributed to enough people to allow a full ... (full story)