🚨🇺🇸 The 10-year Treasury hit a 24-year high and kept climbing even as oil eased, and the bond market may be pricing in inflation the data hasn't printed yet

Crude and the ten-year moved together right up until the ten-year crossed 5 percent.$CL

Then they split... $ETH oil drifted down, yields kept going up.$BZ

David Lin doesn't claim to know why, and that honesty is the useful part.

His theory: the bond market is sniffing a second round of inflation that core PCE and core CPI haven't caught yet, because it arrives with a lag.

What's on the board: a record S&P while Oxbow Advisors counts roughly 45 percent of its stocks already down 20 percent, Nvidia worth more than the entire Russell 2000, Fed minutes naming the AI buildout as an inflation driver for the first time he can recall, and Reuters reportedly calling this the worst week of Hormuz attacks of the whole war.

So ask the obvious one... if everything is fine, why does the safest asset on earth keep demanding a higher price?

He puts a failed Treasury auction at nearly ZERO. There is always a price for certain buyers... The price just keeps rising
#USMortgageRatesRiseTo7.49% #FedMinutesFocusOnOctoberPause