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Editor's Note: Below is a chart and excerpt from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. Click here if you're ready to subscribe and want to stay a step or two ahead of consensus.

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CHART OF THE DAY: An Unsustainable (And Dangerous) Decoupling - z Chart of the Day

Probably the sharpest bond guy I met with yesterday (incidentally, he carries one of the biggest bats in the bond buying game) A) agreed with me on the Rate Mistake call and B) took the reason for a potential Fed mistake one step further:

 

“My main concern isn’t that you’re wrong on the economy  - it’s that you’re right (it’s #LateCycle slowing) and she (Yellen) takes this Global Bond Yield move as a signal that the coast is clear to get one-and-done (rate hike) on the tape.”