Is The Reflation Trade Back? Not According To One Bank

Is the reflation trade back? You might be inclined to think so based on the rise in 10Y yields over the past couple of sessions and more specifically, based on breakevens: (Bloomberg) A lot of this appears to be down to stimulus hopes in China and, of course, the fillip crude got on Tuesday from news that the Saudis are "comfortable" with prices at $80. Here's the BCOM: (Bloomberg) On the China front, Bloomberg's Luke Kawa had a great line on Wednesday morning with regard to Li's overni