Summary: Global commodity markets have seen their fair share of turmoil in recent weeks. The potential twin disruptive impact of trade war and upcoming recession helped sent energy and industrial metals sharply lower during May while continued weather related disruptions to the UThese developments, which hurt global stocks, eventually helped trigger a dramatic rally in US bonds with the 10-year yield dropping to a 21-month low. The biggest and eventually market-supportive development has been the significant drop in the future US Fed Funds expectations as per the chart below. The rally in Fed funds futures during May ... (full story)