Global equity markets took a breather this week as a quick debate played out amongst the FOMC over whether asset purchases might be “tapered” this year. Bond markets got a peak of the big fiscal support they priced in last fall and after Democrats retook the Senate on January 6th via Georgia runoffs. COVID prevalence looks to be peaking in the US as vaccine distribution starts to scale up despite an uneven run. And the galaxy of aggressive retail investors continue to press their favorite plays despite a hiccup for renewables stocks this week.

Put together, it feels like investors are starting to see the light, even if that light doesn’t necessarily mean good things for the market as a whole. Earnings season covering calendar Q4 will provide more insight as companies have started to report in earnest.

We discuss all the data and details that mattered this week, including a US earnings preview, reversals in renewable stocks, big gains for highly shorted names, a possible bottom in the dollar, the policy backdrop in China, commodity price action, and more in this week’s Bespoke Report.

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