Traders are rapidly unwinding their wagers on global reflation as Wall Street frets over protracted post-election wrangling.
With the prospect of a divided Congress making it harder to pass fresh stimulus, investing strategies acutely sensitive to the economic cycle are getting punished. Among the risk-off moves: Value stocks are underperforming, inflation expectations are dropping and defensive tech stocks are reclaiming market leadership.
I am going back to bed.
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