23/10 Indices, page-49

What we know
supply benchmark 10 yr yld at 5%
supply oil at $90 (amazing it hasn't gone higher with ME conflicts and whatnot)
supply DXY at 107

...and you get this.

USD looks cooked



Euro looks damn fantastic



Demand for USD is stretched at 107 as demand destruction in crude begins at 90 and this works well with peak rates for the benchmark at 5%.. occured this time last year as well.

With fed fund rate at 5.33% and long term average at 4.8% - inflation at 3.7%

Real yields are "toppish" at roughly 2.1% where historical average past 30 years is 1.9%

Something catastrophic needs to occur for demand and supply destruction to abate....just at extreme of spectrums