Dangerous curves
The renminbi and yield curve may signal a new era of permanently higher funding cost.
US yields, curve and renminbi are current macro hot topics and likely to remain so. Already the implications have begun to permeate risk assets, undermining their remarkable resilience to monetary tightening. If the steepening continues, maybe we’ll finally find the limits of that resilience. What is happening to the renminbi may be a lesson of what a s…
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