Commodities and the Next Major Macro Phase

From Notes fro the Rabbit Hole

The bigger picture in Treasury bonds is inflationary, as I have harped upon repeatedly since the 30yr Treasury Yield “Continuum” broke trend in 2022. The current easing in a relatively pleasant disinflationary interim is just that, “interim” to the next inflationary phase as nominal yields pull back within the new major uptrend in bond yields. After this phase completes, we should see renewed upside in interest rates on Uncle Sam’s long-term debt.