The reflation narrative that’s been a key driver of global risk rallies took a detour after the Federal Reserve’s hawkish pivot. Investors are split over whether the trades are now heading back to the highway or down a blind alley. Markets are regaining their footing again as stocks bounce back. The Fed’s hints at a gradual tapering of stimulus, including a pair of interest rate hikes in 2023, had roiled risk assets from equities to commodities and Bitcoin, while setting off a surge in the dollar and longer-dated bonds -- the 30-year Treasury yield fell below 2% for the first time since February. The return to ... (full story)