Inflation has raised its head in 2021 with supply chain constraints one of the contributory factors but at this stage the bounce in bond yields hardly registers in the 40-year bear market. In our opinion supply chain constraints will come and go although wages pressures may be a different story, hence at this stage MM is interested in stocks that have been sold off due to supply chain issues, to coin an RBA phrase a transitory issue in our opinion.
MM remains bullish US bond yields
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