The Macro Charts You Must Know #9

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The week in a nutshell:

While the USD continued to sell off this week, US rates didn’t move in tandem and aren’t pricing in more growth/inflation
BUT yield curves of the major EU economies are, as they continue their spectacular end of summer steepening after spending most of the summer flattening
Commodities continue to trade according to idiosyncratic factors rather than in conjunction with broad macro headwinds or tailwinds