Commodities and inflation expectations have/had been rising right along with the long bond’s yield
But some of the 30 year Treasury yield’s fellows are dropping off, just as the hawking Fed wants (needs).
CRB index is still on trend, Oil has a chance to crack here, Industrial Metals (headlined by Doctor Copper) have long since broken down and the Ags are creeping a rally up the underside of a previous breakdown. Notably, inflation expectations have not cracked trend and the hawking Fed hawks on. Simple, eh?
All in all it’s a beautiful picture of a macro in process as the Continuum’s fellows start dropping one by one. You can see NFTRH’s objective for upside in the 30yr yield in this post from Tuesday. When it reverses the fun begins because boat loads of casino patrons are looking backwards just like the hawking Fed.
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