What we've seen is solid buying in the US treasury market (2yr USTs were -14bp), while commodity markets evolve to show greater signs of recessionary fears, with Copper (-2.4%) and Crude (-5.7%) getting strong attention. Falling commodities should be welcomed, as it breeds disinflationary pressures, however this dynamic becomes far more bullish for Equities if it’s driven by the perception of rising supply, not demand concerns, which seems to be the case now. {chart} The message in commodity markets is a factor we’re seeing now in breakeven rates – or inflation expectations - where 2-year inflation expectation rates ... (full story)