This is an excerpt from our latest Month In Macro report that was shared with all of our Bespoke and Research Suite Subscribers. Below we explain the primary drivers of total returns of a Treasury security (policy rates, policy rate expectations & term premia) and isolate the drivers of excess returns (policy rate expectations). Consequently,

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Druckenmiller "The other thing he taught me is earnings don't move the overall market; it's the Federal Reserve Board... It's liquidity that moves markets" https://t.co/0VkGufaTUX