Notes of caution after another surge of optimism

Today's slide deck: https://bit.ly/3s8elwv    -  With US President Donald Trump conceding that Biden is set to take charge, and with anticipation of new large US stimulus checks in the works in the early days of his administration, markets are in a fine mood on the implications for this stimulus feeding liquidity and the global economy. Today we still urge some level of caution, especially as long bond yields continue to rise, a development that is supporting the US dollar and whacked gold back below 1,900 this morning. On today's call are Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.