1. Now your micro expressions are telegraphing discomfort.

2. Yet while Breakevens and swaps are clearly telegraphing much higher inflation down the line – in what would be a major hit to the Fed’s credibility which has repeatedly said it won’t hike rates until 2022 or 2023 – why do nominal years remain as low as they are? Well, the reason why the 10Y nominal yield is trading at 0.96%, which while