In November 2020 CME management nailed the shift in narrative towards reflation during an investor conference. Since then: S&P 500 +12% CME +24%pic.twitter.com/nTfSofvBB0
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It’s a serious risk but one I put at a low probability. Exchanges & trading firms have pulled out all the stops to lobby against an FTT and its been enough to hold it off in the past.