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Takeaway: The “Reflation” Trade that consensus got sucked into chasing in June/July getting rocked (again) as Global Growth data slows.

I think I’m more bullish than anyone, on bonds – long-term Treasury Bonds, that is.

McCullough: I'm More Bullish Than Anyone - Slow growth snails cartoon 07.14.2015

It’s simple.

#SuperLateCycle is what it is and this morning’s economic data from German ZEW (OCT) slowing to 1.9 from 12.1 to only the second #Deflation (year-over-year negative) print for CPI in the UK since 1960.

Check out the chart below.

McCullough: I'm More Bullish Than Anyone - z 55 7

Or (God forbid), we remember the recent (awful) U.S. jobs report.  It all adds up to a 2.05% 10-year U.S. Treasury and falling.

McCullough: I'm More Bullish Than Anyone - z km tweet

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