These pictures paint the taper-talking Fed as behind the curve, literally and figuratively.
Yield Curve: steepening
Long-term Treasury yields: rising
Inflation expectations: rising
Broad Commodity complex: rising (mainly driven by oil & gas)
The holdouts are the Silver/Gold ratio…
…and the TSX-V index.
If/when those two join in we may have a trigger to a more widespread and obvious inflation trade.
