Everyday Joe

Everyday Joe

Five-year breakevens hit 15-year wides Monday, as rising commodity prices, jitters tied to the Colonial Pipeline hack and speculation around wage pressures continued to underpin the inflation narrative. "Macro investors are seemingly sticking to their reflation guns, and loved resetting their trades at better levels following the initial UST bull-flattening impulse after the shock [jobs] miss," Nomura's Charlie McElligott said. Needless to say, not everyone is convinced that this narrative is
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One thought on “Everyday Joe

  1. H-Man, nice post. When that dime changes, it will be unstable rates = lower risk assets. We will soon know exactly what is “transitory” inflation which supports stable rates and risk assets. If transitory fades, the market will reprice rates and risk assets will fall in value. A run to 3% inflation will sink the boat of “transitory”. Then it simply becomes a game of when inflation becomes subdued. McElligott’ speak was the essence of simplicity. Thanks again for the post.

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