Meanwhile in markets, we see what might be topping out patterns in bond yields and overall commodities prices. At the same time, equities remain a bloodbath while near term ECB and Fed rate hike bets remain at their high end of recent ranges. Folks are attributing the supposed topping out of bond yields and equities weakness to plain-old worries about economic growth. In fact, recession talk has become too widespread these days, making us even more doubtful that we’re heading for the hills as the economy runs into the ground.

 

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