Cheap Convexity

Cheap Convexity

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Cheap Convexity
Cheap Convexity
Very Dovish to Regular Dovish

Very Dovish to Regular Dovish

Jon Turek's avatar
Jon Turek
Jul 08, 2021
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Cheap Convexity
Cheap Convexity
Very Dovish to Regular Dovish
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A big theme I have been writing about since the June FOMC has been this idea that the Fed effectively chopped off the right tail of growth/inflation trades (for now). The manifestation of this in market terms has been an outperformance of tech in the equity space, a flattening of the yield curve and dollar strength. The Fed didn’t enlarge the left tail …

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