The T-bill yield continues to ramp upward as inflation expectations pull back
The 3 month T-bill yield (green) had been one of our guides demanding that the Fed get its ass in gear and get on the rate hike regimen it is now on. Evidently, it still is demanding. Quite demanding, actually.
Yet the ETF that tries to represent inflation expectations is in full retreat along with the the inflation trades (commodities, resources, etc.) and to a degree, Treasury yields across most durations.
And with CPI coming up tomorrow throw that into the blender and try to make sense of it all. Good luck!
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