The everything up and bonds down trade will not have legs

Today's slide deck: https://bit.ly/3aPnkMG   -  Today we take a look at a remarkable day for markets as nearly everything was bid up yesterday and overnight save for bonds, which sold off heavily again, sending yields to new cycle highs, most likely on the news that the US FDA has found the that the Johnson and Johnson Covid vaccine is safe and effective before meeting Friday for possible authorization of its use. We also take a look at a single outfit behind much of the upside pressure in copper, how FX is reacting to the backdrop, equity earnings and more. Today with Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.