$iShares 20+ Year Treasury Bond ETF(TLT)$ in my opinion the points are the following:
1. Inflation was worse than expected. If bond and stock prices are based on expectations, then they are too elevated.
2. A chart shows that inflation after falling is now stable ~ 4% and not falling.
3. Gas prices are now rising, maybe because of the middle east tensions, so no core numbers may be worse next month.
4. Shelter prices are stubbornly high and it will not come down.
5. So are car insurance premiums. Please explain how the Fed can cut rates when inflation is almost twice the stated goal of 2% and the Fed rate is ~ 1.25% higher than inflation, and it has to be higher than inflation to decrease inflation.
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