This week's inflation data did more than confirm what our model has been projecting for months; it shifted the market's attention. With tech earnings now largely behind us, there is nothing left to crowd out the bond market story. PPI is running at 6.0%. Yields have reclaimed levels that, on the last two occasions, prompted direct White House intervention. No such intervention has appeared. Not yet, it might change next week when Trump is back, but investors must listen carefully as the consequences might not be pleasant this time.

We lay out exactly how we are positioning, including the specific level we are using for Bitcoin and what we think about Ethereum.

Bitcoin