Bond Outlook
In the space of only a week, the prices of many commodities have fallen sharply, and then, to varying degrees, staged similarly dramatic recoveries, causing a modest bounce in the USD, and a decline in Treasury yields. We see these events as short-lived “saw-tooth” movements in the secular decline of the dollar and the long-term appreciation of commodity prices, as well as a reminder of the inherent volatility of commodities when the financial muscle of speculators is so much greater than those who use the markets for conventional hedging purposes. |
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