November 2020 Macro Markets Blog Post
Recap Hi all, and thank you for tuning into the November update from MacroSquawk. First looking back to the September update, there were several positives and challenges that might serve as clues to what's coming next in - what's likely to be an incredibly challenging end of year environment. One of the more prescient points made was a reference to the slowdown in the initial labor market recovery from reopening. Another was the continuation of the short dollar trade and that inflation might be reflected in the commodities markets. A most important reference was to the possible strengthening that might be enjoyed in EM assets as a result. The challenge, as with most things in macro, was the timing. What the last post failed to predict was the importance of the stalling out of the labor market recovery. This stalling out, in my opinion, was the primary cause of the grinding action that we had seen in risk assets in September and October (hence no blog posts). This failure in tim...