MBCC TH 1st May'24 - "What will the Fed do as they are now check mate, Bond market is broken! Yellen out of bullets as is not using the TGA - recession anyone?"

Yesterday we saw double whammy data showing SLOWING GROWTH (in fact collapsing consumer) and HIGHER PRICES…worst of all combos as our cross asset models had been picking up STAGFLATION for months!

What does this mean for Commodities? Everyone has priced in no landing/recovery and higher demand…BUT…what do physical markets say?