Highlights
Global bond yields continue to decline and risk assets advance as investors continue to react favorably to the Democratic sweep. The view seems to be that gridlock in Washington, D.C., will bring more fiscal restraint and hence less borrowing. There is also the expectation that Democrats will force an end to the US-Iran war by cutting off funding, as occurred during the Vietnam war. Will be interesting to see how Iran and its proxies use the situation to their advantage.
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