The Reflation Trade

Remember how excited the bulls were about the reflation trade? Higher interest rates meant the economy was reopening at a good clip. What could be better than that?

Things look a little different from the perspective of 3%+, don’t they?

Nothing alarming here… Remember, it’s not the inversions that bite, but the spikes higher which come after. Futures are off again this morning following a strong jobs report, but we’ve yet to punch through Monday’s lows.continued for members


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