Rising Bond Yields
- Rising bond yields impact equities, dollar and metals.
- Yields rose as vaccines, high savings rate boosted growth outlook.
- Mortgage prepayments by homeowners surged when rates were low.
- Prepayments led to hedging by mortgage bond holders, raising yields.
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China’s Pace of Growth Set to Slow
- China’s population aging rapidly, birthrate remains low.
- Massive rural-urban migration had fueled double-digit growth.
- Rural-urban migration has slowed, little growth in urban labor force.
- China’s pace of growth this decade and in the 2030s likely to slow.
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