We're all old enough to remember what the US Dollar has done since headline CPI put in a cyclical bottom in June of 2023, I hope...
1. The probability of headline inflation re-accelerating during a MONTHLY #Quad2 in November just went up
2. Don't forget what made Bond Yields breakdown:
A) Recessionary Growth Data in OCT
B) A lighter than expected INFLATION print
3. Reverse both of those (including an accelerating jobs report from the UAW Strike lows) in NOV and you're going to where the puck is going vs. where it's been,