The recession everyone sees coming

The recession everyone sees coming

From privatebank.jpmorgan.com

Right now, the market is trading based on one issue: inflation. This week was a bad one for inflation. The selloff in oil and industrial commodities continued. Since last Friday, WTI crude has fallen over 11% and gasoline futures are down ~12% from recent highs. Copper is in its worst 10-day selloff since March 2020, when the whole world was heading into lockdown. Bond yields followed suit. Ten-year yields are back below 3.1% after a spike up to 3.5% in the aftermath of the not-so-surprising policy rate hike of 75 basis points (bps) from the Federal Reserve. Two-year yields, which are more closely tied to policy rate ... (full story)

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