The Brains Trust, page-12072

Love it VXX. Who needs commentary when you have a picture like that?

There is a suspicion that Q1 earnings may have been the apex for a while as SPX waits in its sort of higher comfort zone this year. I suppose we will know soon. Treasury yields are up throughout the flattening curve. Core CPI and PCE for May were in line with the steady rise the Fed would need for three hikes in 2018, and everyone is hoping that trajectory will not get out of hand in a sudden way – but obviously preparing for it. Those T-bill yields say heaps. If you look at that chart you'd say that things have been going along as previously expected. But it seems like many are starting to think about positioning for the unexpected. Of course you know I have an overactive limbic system because you read my stuff. I'm sure there are rosier takes on that graphic.