, Columnist
The Blue Wave Reflation Trade Relies on a Big Ask
It’s called the Fed, which will have to keep real yields negative as a Democratic administration spends to revive growth.
Are global macro investors right to be putting their chips on a Blue Wave?
Photographer: ANGELA WEISS/AFP/Getty Images
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Warning: This will be yet another newsletter largely devoted to the U.S. election. I appreciate that this isn’t good for the mental, cardiovascular or intestinal health of many subscribers. It’s also pretty bad for mine. But the topic is unavoidable because it is truly driving markets all over the world. For at least another nine days, and quite possibly for much longer.