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U.S. bond yields have not risen as some market observers anticipated, according to Daniel Lacalle.
Lacalle states that yields are in fact much lower compared to a year ago, undermining expectations that tariff-driven inflation would trigger a surge. His remarks suggest market participants do not support the prevailing tariff-inflation narrative in the U.S.
Lacalle’s perspective on subdued bond yields aligns with his earlier observations on U.S. CPI inflation reaching its lowest level since 2020, as detailed in the context of persistent disinflationary trends. His broader market commentary also encompasses shifts in alternative assets, highlighted by his analysis of the Bitcoin pause amid pronounced U.S. dollar weakness.