After 24-hours to digest the Feds statement US investors pushed longer dated bonds to levels not seen since early July as the “reflation trade” slowly comes back into vogue, we are bullish bond yields hence our new TBF ETF position in our Global Macro ETF Portfolio. However while this presents a positive backdrop for the underlying structure of our portfolios its likely to create a headwind for our precious metals positions.
MM remains bullish bond yields medium-term
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