The Reflation Rally in Context Part II

Yesterday, I discussed Putting the Reflation Rally in Context. Jeffrey Snider of Alhambra adds some more color to the bearish case in Bond Kings and the Future(s). Despite all the optimism about rising rates, futures show the market less bullish on rates at the peak in late 2016 than they were back in 2014, and the analog continues this fading echo.

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