McCullough: I'm More Bullish Than Anyone

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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