Jackson Hole Positioning

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More optimistic follow through yesterday brought additional gains to commodities while stocks and gold treaded water. Just as I wrote yesterday, the celebrations of the taper tough talk being just talk, were a little too powerful, and at least a modest daily consolidation arrived. Q2 2021 hedge fund letters, conferences and more Credit markets point to the risk-on moves to continue, favoring the reflation trades as yields and inflation expectations would slowly but surely pick up. The dollar has gone on the defensive again but look for it to recover some ground as metals and cryptos are gently…

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