Today we look at the high degree of correlation between US equities and US treasuries and why this is cause for discomfort, note recent surges in inflation readings and inflation expectations as a sign of an inflationary cycle igniting. We also discuss weakness, however, in major commodities since mid-last week, save for gold, where the market is attempting a breakout today. Elsewhere, we look at key earnings and macro numbers for the week ahead. On today’s pod are Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.