T-Bill yield up, RINF down today

The 3 month T-Bill yield is up while inflation expectations continue to moderate

Despite the recent decline in inflation expectations by this marker (as noted in NFTRH 711)…

5 year breakeven inflation rate

The 3 month T-Bill yield (IRX, top panel), one of our guides that have compelled the Fed to fully tar and feather itself in its hawk costume, is up hard today while the inflation expectations tracker (RINF) continues to roll over. Hmmm… who’s false signaling?

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