The Macro Charts You Must Know #15

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The week in a nutshell:

Commodities were where the action was this week, with prices of key raw materials moving higher
- Copper has finally awoken from its summer slumber to rally sharply
- Aluminium continues its breathtaking move higher
- The energy complex continues to illustrate a global shortage; particularly in Crude Oil, EU Nat Gas, and Chinese Coal
Stagflation remains a threat as higher energy prices threaten global growth prospects
- Global interest rates took a bit of a breather after rallying strongly for the last 2 weeks, even as the rally in commodity prices really got going
- Gold did not rally strongly as well
- US and EU yield curves flattened this week