When Ackman Talks, Bonds Listen (As In, Cover Those Shorts)
“The economy is slowing faster than the data suggests”
Highlights
The “soft landing” narrative takes another hit as bond bears turn into bulls
Who can blame them with the new “bond market math” increasingly in favor of getting long
Declines in the monetary aggregates and bank credit tell us not to be too concerned about inflation, and to stick with the recession call
Tomorrow’s BoC meeting will be all about the guidance with the Bank expected to stay on hold
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