Inflationary implications of Treasury yields were not backed by commodities or the Copper/Gold Ratio
If the trends in the CRB index and the Copper/Gold ratio (CGR) were correlated with the long decline in bond yields (disinflationary signaling), why have CRB and the CGR diverged for the entirety of the post-breakout phase in the yield?
Why? Because maybe the signal is not inflationary. Maybe a whopper of a deflation problem is out ahead. That’s why. The pivot point may already be in the books. The long-term implication of the yield breakout may imply major future inflation problems. But the next issue is likely the opposite.
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