Think About This
INVESTMENT RESEARCH
US GOVT . 10 YEAR YIELD
2.0 % 1.8 % 1.6 % 1.4 % 1.2 % 1.0 % 0.8 % 0.6 % 0.4 % Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
US 10 Year Yield Sources : Bloomberg , Deltec
ITALY GOVT . 10 YEAR YIELD
2.6 % 2.4 % 2.2 % 2.0 % 1.8 % 1.6 % 1.4 % 1.2 % 1.0 % 0.8 % 0.6 % Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Italy 10 Year Yield
Sources : Bloomberg , Deltec
WE THINK THE FED ' S INSURANCE POLICY IS VALID . THE CENTRAL BANK ' S BALANCE SHEET WILL CONTINUE TO EXPAND . AND WE THINK THE GOVERNMENT ' S INSURANCE POLICY IS VALID TOO . WE THINK THAT ALTHOUGH NO DEAL IS LIKELY BEFORE THE ELECTION , AFTER THAT , WHOEVER WINS WILL UNLEASH SIGNIFICANT FISCAL STIMULUS . THIS BELIEF DIRECTS US TO CONTINUE HOLDING ASSETS THAT WILL BENEFIT FROM ONGOING MONETIZATION , INCLUDING ALTERNATIVE STORES OF WEALTH , CASH FLOW GENERATIVE TECH COMPANIES AND HOUSEBUILDERS , WE ALSO HOLD THE BENEFICIARIES OF FISCAL SPENDING INCLUDING DISCOUNT RETAILERS AND R & D FOCUSED COMPANIES .
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