Market Nirvana Is Just the Other Side of Georgia
Everything looks good, once we get past the small matter of a Senate election, and distributing a Covid vaccine.
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All was not quiet on new year’s first trading day. It began with a counterblast of negativity, as U.S. stocks had their worst decline since before “Vaccine Day” in early November, when Pfizer Inc. announced the great results of its Covid-19 inoculation trials. Cryptocurrencies took their first reverse in a while after a stunning rally. And all of this happened even as the over-arching macro case many had hoped for continued to play out, with 10-year U.S. inflation expectations breaking above 2% for the first time since 2018, while 10-year yields barely budged, bringing real yields to an all-time low: