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Macro Insiders: In Focus from Julian – Summertime, and the Living is…

... Frustrating. Notwithstanding a picture of positive growth, sticky inflation and easing credit conditions, positioning has got ahead of the game. Bonds have rallied largely on a counterintuitive dearth of supply and an imperative of duration-matching by underweight asset allocators. What does it mean, and should we head for the beach?

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