As the Continuum leads commodities upward…

As long-term Treasury yields lead the inflation trades…

Let’s remember that the Yield Curve is once again steepening and a new steepener can be inflationary (likely von Mises crack-up style), deflationary (where everybody would get caught off sides) or a combination of both before one economic condition wins out.

An inflationary steepener would not be inconsistent with a continued rise in the Continuum and a deflationary steepener would probably see the yield drop, just less than short-term yields.

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