02 March 2021
Global reflation resumes after “taperless tantrum”
Global reflation was back as equities and yields moved higher, thanks to the well-performed manufacturing data
across most geographies. Inflation expectations also rose for the first time in a couple of weeks. US 10-year
Treasury yields was up 4bps to 1.44%, while the S&P 500 and the Nasdaq gained 2.4% and 3.0%, respectively. The
manufacturing sectors delivered solid results as PMI/ISM data from varying geographies including the US and
Eurozone were stronger than expected. Meanwhile, German inflation lifted 1.3% yoy in February, up from 1.0% in
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