“The sound that you hear is a narrative cracking.” Economists are rejecting the “immaculate disinflation” idea since the disinflation piece isn’t really happening right now. bloomberg.com/news/newslette…

Almost any way you slice it, inflation has been re-accelerating over the past three months.

Copper prices are the highest since 2022.

Traders are now only pricing in one rate cut this year, and not until the end of it. bloomberg.com/news/newslette…

'The pivot party is over:' Pimco's Tiffany Wilding. But as eToro's Ben Laidler said, there are other places to make money - like earnings. bloomberg.com/news/newslette…

Yields on 10-year Treasuries have been above the S&P 500 earnings yield for three straight weeks. This is the first time we're seeing this since 2002: Jonestrading's Michael O'Rourke

BofA credit investor April survey: 'Investor camps are now: 45% soft landing, 40% no landing and 7% hard landing (7% unsure)...Inflation remains the #1 investor worry, and rising....Central bank policy error is the #2 concern.'

Average US gasoline prices have reached $3.68, the highest since October and up from a December low of $3.07.

P&G is on track to boost its prices for a sixth consecutive year, and in the latest quarter they came in 3% higher than a year earlier. Netflix is going to rely on price increases to juice profits. Inflation is not dying yet.

Stock funds just saw their biggest two-week outflow since Dec. 2022 as higher rates bite into risk appetite: BofA and EPFR data. Michael Hartnett's team wrote that good economic news is now bad news for stocks, a shift in mindset from the first quarter when “good news = good.”…

The US deficit as a percent of GDP is expected to rank right next to China and India by 2025, bigger than countries like Brazil. ft.com/content/0d0980…

Iran is exporting more oil than at any time for the past six years, selling an average of 1.56mn barrels a day during the first three months of the year, almost all of it to China. ft.com/content/00bb56…

Large retirement funds are pulling cash from stocks and putting it into bonds to de-risk and lock in higher yields. Goldman Sachs analysts estimate that pensions will unload $325 billion in stocks this year, up from $191 billion in 2023. wsj.com/finance/invest…

“We have extended and pretended so far this year:” State Street’s Ferridge. Traders first thought rate cuts would start in March, then June, now later still. “But the important thing is the market still believes we are going to enter an easing cycle.“ bloomberg.com/news/newslette…

Housing affordability in the US is about the lowest since the 1980s: Dallas Fed research. dallasfed.org/research/econo…

Here's why policy makers are so worried about a 'China shock 2.0:' China has shifted from domestic property investment to boosting factory output to juice growth. And there are signs that it's working.... wsj.com/world/china/ch…