🚨 The bond market just told Wall Street to stop lying to itself about cheap money.
Brent crude is back above $93, the 10 year Treasury is around 4.69 percent, federal debt just crossed $40 trillion, and Walmart is down sharply despite beating earnings expectations.
📉 The S&P 500, Dow and Nasdaq were all lower this morning while long Treasury yields reversed much of yesterday’s relief rally. The problem is increasingly obvious: oil is feeding inflation risk at exactly the moment enormous sovereign debt issuance is forcing investors to rethink what they require to own duration.
🏠Meanwhile, initial unemployment claims fell to 206,000 and the Philadelphia Fed manufacturing…
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