The reflation trade in global markets has suddenly been given a big kicker.
With the US Senate run-off elections in Georgia close to giving control of the chamber to Democrats, investors are betting the result will deliver increased spending under president-elect Joe Biden to boost the ailing US and global economies and inflation.
That had been the consensus expectation before November’s election but uncertainty over the Senate outcome led investors to rein in stimulus hopes even as economic clouds grew darker with the spread of the new Covid-19 variant. Now the “blue wave” bets are back on.
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