If this were NASA instead of the FOMC, we’d say they’ve screwed the pooch. The 10Y’s breakout suggests the Fed has lost control not only of the bond market but the entire narrative surrounding inflation. As we discussed last week [see: The 10Y’s Warning] this development will have significant repercussions for stocks.
Futures continue their slide, with CPI due out on Wednesday.
Our downside targets remain in force.
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