**Hartnett First Look: Bonds Are Back

Plus today's Rabo.

Bonds: No one in long-end; should weak Apr CPI follow weak ISM & payrolls..[then] Treasuries rally & test key “bear-to-bull” levels…

TL;DR

China deflation is done, Nobody thinking US recession, (he’s being a little contrarian). If so…..it may be safe to own US bonds. For now mkt lopsided short bonds on his ABB trade.

Secular bond bear will run into cyclical bull maybe. If CPI comes in very weak after today’s weak econ data, he may be correct. Coporate bonds are killing it this year. Gov’t bonds may be next…

NOTE. He is not contradicting Zoltan, himself, or our Secular stuff. He is saying, overdone bearish short term. In past this is bearish Gold. now.. not so much. lolol

Will do walkthrough for premium this weekend.

VBL