🍻 THE MULLET ECONOMY
Business up front:
Curve dis-inversion
NTFS recession signal
SOFR spreads
Duration stabilization
Credit caution
Party out back:
Crude near highs
Nat gas strong
Copper elevated
Commodity persistence
Sticky inflation
An event lasts a day.
An interpretation can last years.
The real question is not how the event occurred.
The real question is how the interpretation persisted.
@NorthwesternMed@NorthwesternEM