Marko Papic: The current bill adds deficit to the US economy,...

Marko Papic:

The current bill adds deficit to the US economy, but the era of "exceptionalism" is over.

The bond market (and portfolio flows) no longer are willing to be fooled that expanding deficit is good for US assets.

Note that USD rally has failed. Fascinating shift in macro.

https://x.com/Geo_papic/status/1925226806887559389


10Y yield 4.62%
30Y yield 5.14%

....this is pressuring the market.