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What's going on with the "Powell Pivot"... ?

Greetings, Founding Members!

In this note, Gavekal’s Louis-Vincent Gave is writing on the Powell Pivot and, in particular, the implications for long-term Treasury bonds. 

As some of you know, I started in the financial industry in 1979 (at the lowest level possible — a cold-calling stockbroker). Back then, bonds were derisively known as certificates of co…