• Markets are pretty slow this morning, with modest moves in Asian equities, US Treasuries. There isn’t much excitement in FX either and for the big moves one has to go the commodities market.
  • The Bloomberg commodities index is just shy of the 2011 high (when we also had an inflation scare, remember), despite attempts by Beijing to stamp out speculation. Backwardation remains as immense as it ever was.

 

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