BEDLAM !!

Inflationary pressures are back. Oil is rallying organically on no recent incremental news. Gasoline prices are making new highs for 2023. Markets are forward-looking and the disinflation narrative might have reached an apex on the most recent US CPI release.

US 10-year yields remain calm in a range, but if they take out 4.09%, there’s going to be absolute bedlam.

US Initial Claims and GDP were strong this week and imagine what things are going to look like when manufacturing snaps back.