4/21/2021 5:53:55 AM GMT Markets have been busy in my short absence, with recovery optimism and bullish speculative momentum making recent days look like a rerun of the 2020 buy-everything rally. Perhaps the key reason for the asset price resurgence is the yield on the US 10-year note, the risk-free rate of return for finance gnomes the world over. Along with its 30-year big-brother, the US 10-year yield has steadily retreated since the start of April, and the inflation heat map has steadily cooled. Call it complacency, the market "fully pricing" in risks in their own minds, or the wall of money looking for a return - preferably immediately, as he clicks buy on Dogecoin in his gamified investment portal- in a zero percent world, the fall in US yields is there for all to see. Equities have rallied in general, DM and EM currencies have recovered, even the Turkish Lire as the US Dollar retreats, and gold's rally has hung a tantalizing long-term low formation on the charts.