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