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It has been four weeks since protesters in Minneapolis burned down a police station in reaction against the killing of George Floyd by police. These have seen remarkable drama on the streets and an impassioned debate in the U.S. and throughout the Western world about racism and justice. But those 20 trading days have seen an almost total lack of excitement in markets. Both the S&P 500 and long Treasury bonds are almost exactly where they were on the morning of May 28: