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The performance in equity markets was mixed this week, with the S&P 500 flatlining, European stocks losing around 0.5% and emerging-market (EM) equities gaining around 0.3%. The main headwind for US markets was a renewed focus on President Joe Biden’s plans to implement a 39.6% capital-gains tax on the wealthiest Americans. This news also helped to keep a lid on US Treasury yields. The US 10-year notes trended another 2 basis points (bps) lower in yield over the week to make it an impressive 18bps rally over the month so far.
