CitiFX Strategy offers a comprehensive assessment of implications from the Georgia Senate Democrat victories.

“Bottom line: The outcome of the Georgia run-offs is very significant in two ways: i) by increasing the scope for policy changes, including even more fiscal stimulus and ii) strengthening the MMT (money-financed stimulus) theme in the US and globally,” Citi notes.

‘In markets, the outcome supports a significantly lower USD, higher and steeper US rates, higher breakevens, lower real yields, and higher prices of commodities, precious metals and cryptocurrency,” Citi adds.