It's All One Giant Rates Trade

Lower rates lull trader's to the rocky shore with their siren song.

Equities are reversing losses due to that soft CPI print this morning as the 2.9% print is the lowest since 2021.

Quick question:

Is rising unemployment and falling consumer prices bullish? Is the very dynamic that would cause Jay Powell to cut rates… bullish?

The unwinding of the yen carry trade caused U.S. yields to rise, and while the yen is up nearly 1…