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Right, but when?

That’s the question the whole world wants answered when it comes to the vaccination push.

The last several weeks have delivered plenty in the way of encouraging data on Covid-19 vaccines, contributing to a powerful pro-cyclical rotation across assets, even as the US long-end refuses to join in on the reflationary euphoria (Friday saw more bull flattening, for example).

But with the pandemic still raging and worries that holiday gatherings will lead to even more infections, market participants are ...

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