Long XAU and TLF US make a lot of sense as the "consumer is fine" strategist will start getting nervous…impact on market (equity) is that recession is now very much an increased probability especially as FED continues to move at snail-pace…..
Disaster print for "consumer is fine camp!" - Fed cutting 25 bps in October now >90% & and as this chart shows 2 yr US yield is heading to 50 bps - yes 50 BPS - Fed is not only behind curve, they are LOST!
https://twitter.com/Steen_Jakobsen/status/1179760497337552896
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