That was fast.
Another 8 hours later and the 10Y Note Yield is now pushing into 5.00% with US oil prices above $104/barrel.
If US CPI inflation comes in hot tomorrow, things are going to get very ugly.
The US economy cannot afford higher rates.
Something has to give.
Talk about a turn of events.
Oil prices are back above $100, PPI inflation is up to +5.4%, and President Trump is preparing potential $5,000 "dividends."
Now, US long-term borrowing costs are up to their highest since June 2007.
What comes next? Let us explain.
(a thread)