Apologies D,
I get carried away when churning through information.
EM's = Emerging Markets
CB's = Central Banks
Big shifts occurring in the background but we (developed markets) have been conditioned to view the lense through the last 4 decades (1982 to 2022 - when late 2022, Gold disconnected from interest rates and rose instead of falling) of Bond Bull Market but when you go back from 1901 to 1982, Bonds were actually sub par performers.
The aha moment will see a lot of sector rotation across to real assets.
The acceleration is happening driven by EMs.
Apologies D, I get carried away when churning through...
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