WHAT'S THE INFLATION SWAP MARKET TELLING US?

And while we're at it, is this nominal yield curve steepening any different than the previous three?

There is no longer any doubt. Our inflation trade is getting crowded. The onus used to lie on our side to prove there was a risk of rising prices, but lately, even the most stubborn dis-inflationist will concede that we are about to experience a bout of inflation.

Yet, what worries me most? The company we’re keeping on the bullish side of inflation l…