- Is this the beginning of the re-steepening?
- If so, is it inflationary or deflationary?
Question #1 is going to resolve itself in due time. It’s either real or it is not. I’m guessing it is.
Question #2 is brought to mind because this morning long-term Treasury yields are rising, copper is positive, the silver/gold ratio is positive and stocks are cheering again. In this microcosm known as today, the twitch to steepening is inflationary.
The markets promise to be massively exciting from here on. Conspiracy theorists, set-it-and-forget-it dogmatists, mainstream analysts and other conventional (yes, I see the CTs as conventional) types are going to find things pretty challenging. I will too. But that’s part of the fun of it.
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