QuiCQ 17/04/2024
Tens minus Bund
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"Inflation is taxation without legislation."
-- Milton Friedman
Two selected headlines from yesterday:
“Lagarde says ECB will cut rates soon, barring any major surprises.”
and
“Powell cites 'lack of progress' this year in reaching Fed's inflation goal.”
No wonder then that the spread between US (Tens) and German (Bund) 10-year yields are at its widest this decade so far and have arrived at that level seemingly at a very fast pace. Can we really be in a two-regime (inflation) world?
