The Macro Charts You Must Know #17

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The week in a nutshell:

Commodity prices finally took a breather as short squeezes and supply issues seem to be easing up, except in crude oil
- Copper, Aluminium, EU Nat gas, and Chinese coal prices are all down a fair bit
Long term interest rates and inflation expectations pulled back this week, especially in the US
- US breakeven rates have eased off from the new highs they made last week
- The US yield curve flattened quite noticeably, and remains in a downtrend since March
The USD still can’t catch a strong bid, having sold off against other major currencies (except the Yen) for the past month
- If commodities keep falling along with long yields and inflation expectations, it might not be long before the USD reverses current weakness – this would not bode well for global growth prospects