• This may be good for the US in the long run, but short run it is a contraction in growth
  • In the mean time Europe is starting to talk about spending more, removing debt limits in germany
  • EU yields are increasing more than US, leading to increase in EUR
  • Sentiment was extreme in USD bullishness, could be a top
  • Money rotating from US to EU stocks
  • There are likely to more interest rates that priced in in 2025
surfmacro