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Was when the ceiling went. It is interesting to see reporter what is happening in the bond market. To see what is happening in the bond market. We have seen curve flattening throughout most of this week. We see a little bit of steepening today on the back of the payroll number. We see that ripple around the world, and that is reflected in the german 30 year. Twostens in the state basically back to where they were almost a month ago. Alix thanks very much. The s p now dropping like a stone. House Speaker Nancy Pelosi speaking right now. She is saying to everyone, be calm, be confident, be patient, but she did call biden president elect biden, having a strong mandate to lead. She says she is hoping republicans can come back to the table on stimulus. Moments ago, we also heard from larry kudlow as well that they also wanted to try to move forward on stimulus and come to some kind of agreement. Will they or wont they is really t ....
I want to hear more of the music that was blaring in my ear. Heres where we are. Big out for big outperform are coming through, the s p 500 is up. The pound actually, as you can see now, positive, bouncing around all over the place, getting a negative hit earlier on around the idea that the u. K. Would walk walk away on the 15th. I dont think the market thinks either side will walk away. The eu said earlier on, and this was a report by bloomberg, the eu side is going to call the bluff on this. Britain saying were deftly going to walk away. The market is basically shrugging its shoulders. As you can see, a selloff in bonds is unsurprising, given whats going on at the moment. At the backend over the last few days, cathodes continue to steepen in the United States. Alix we did hear that music and you did an amazing job talking to that techno music. Thank you for that. In the u. S. , part of that is going to be about where we are and s ....
Attention to what is happening. Very much what we did earlier. This is it this is what Christine Lagarde says the central bank will do. The governing council will carefully assess incoming information, including developments in the Exchange Rate when it comes to simplifications for the mediumterm inflation outlook. Christine lagarde, president , speaking earlier and joining us now. Christine lagarde basically indicates it is ok until there is an impact on inflation. Three ways the ecb can talk about currency. They can talk about principles, how it is not a part of their policy. They get seriously concerned about the movement currency and it could lead to price stability or the aims to achieve inflation goals being undermined. We can go back to worrying more about covid19, more about the growth prospects, rather than ecb getting too worried today. Whenever you see a headline ....
Out. Alix yields on the 30 year in the u. S. Down 19 basis points. Lets get some more layered a, Julia Coronado joins us now. We have been trying to answer this question, what is driving the dramatic decline and move into safe havens . Onryone has been blaming it jay powells gdp forecast for 2022. Do you buy that . Is notthe feds forecast at all out of step with the consensus in bloomberg, bluechip, all of the congressional budget office, so i dont think that is new to the market that it will be a gradual recovery, and i thought that powells message was steadfast in terms of the feds commitment to participating in the recovery. I dont think this can be blamed on the fed. Into complacency with the virus. States that are opening up are starting to see escalating cases even controlled for increased testing. This is still a problem that we need to grapple with, is coming back to the forefront. We were always going somet a risk aversio ....
Risk rioting from is just something the market is ignoring right now, which is absolutely amazing. Cominge the headline through, mayor de blasio talking about the curfew for the rest of the week. Alix yeah and today is starts at 8 00 p. M. So in a businesses that are open to provide food, that is now off the table. It also may delay recovery in some states, all of this having an impact on the overall economy. We saw as a noble laureate spoke on the ship of recovery. The pattern we are going to see and are already seeing because the economies in various ways are going through this, is a very sharp drop on then it kind of bottom flat. Where thee period virus is brought back under control. It starts to look like a u. It difficult to argue that we will have a vshaped recovery. The closest anybody has come to it is china and it does not look like a v to me. Alix mark mobius, Mobius Capital Partners cofounder joins us. What are ....