What sticks out is the H&S topping patterns in bonds and the inverse H&S patterns in commodity related funds. These go together if the reflation story develops into actual inflation. Bonds yields can fall alone and kill the inflation story, setting off another round of deflation (2011, 2014 redux). I don't see commodities rallying and bond yields staying low. Hence my preference for bond plays at this juncture.
Philly Fed: State Coincident Indexes Increased in 44 States in March
(3-Month Basis)
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From the Philly Fed:
The Federal Reserve Bank of Philadelphia has released the coincident
indexes for the 50 states for March 2024. Over the past three mo...
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