- Upper : US ISM Manfacturing Prices Paid.
- Lower : Chicago PMI Prices Paid
- Just 2 examples of clear uptrends in place and ongoing since 2009. Fed too complacent about inflation being under control.
- Positioned for upside surprise and negative bond markets here. Forget negative carry, forget steep yield curves. When bond markets turn bearish or trend, they can go on and on seemingly forever.
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