Walmart, Home Depot and Target all reported this week, and the picture they paint is of a K-shaped American consumer, where Walmart's US comparable sales grew at their slowest pace in over six years, even as it gained share among higher-income households. But the bigger threat to equities may not be the consumer at all: it's the long end of the Treasury curve, with Washington now trying to boost buybacks of long-dated government debt to hold rates down. We also look at gold hitting its highest since June while the dollar slides, and whether that divergence widens. We speak to Tim Mulholland, President of TJM Limited.

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