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November 17, 2021

The US dollar and gold have been increasing in recent months, suggesting that investors could be expecting economic activity to slow down, but other market signals are not confirming that view.

There has been some volatility across asset markets in the fourth quarter. Reviewing the market signals across multiple asset classes could provide some insight into the likely direction of economic activity for the remainder of 2021 and into 2022. On the negative side, gold has been rising since the end of the third quarter (remains...
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