In case you took a day off yesterday, there’s a new narrative circulating that inflation anxiety is history and worries about slowing economic growth have moved to the fore. Maybe, but there’s no law that says you can’t have both macro risks bubbling, or neither.
* Biden pushes for more government spending to support the economy
* 90%-plus of people hospitalized with Covid-19 are unvaccinated
* US stock market decline leaves S&P 500 near one-month low at Monday’s close
* Markets appear to be moving beyond inflation worries to concerns about growth
* Spread of Delta variant raises possibility of US 10-year yield falling to 1%
* Can Ireland block global effort to overhaul global tax rules?
* Rising dollar makes emerging markets investors nervous
* NBER declares US covid recession lasted only two months, ended in April 2020
* US 10-year yield continues to sink, falling to 1.19% on Monday: