Record Equities Are the Key Difference vs. 2008 The latest consumer price index reading of 3.8% is above the effective federal funds rate, a pattern last seen before the Great Recession. My graphic shows a similar CPI-fed funds trajectory, recovering from a steep discount in 2024-26 akin to 2006-08, alongside surging commodities. The big difference now is that the US stock-market cap-to-GDP is about 2.4x vs. 1.2x at year-end 2007. In 2008, the impact of an ebbing stock-market tide on all risk assets was reasserted. Today, the growing dependence of metals and crypto markets on record-setting equities to maintain momentum may suggest acute warnings. Gold's surge in 1Q to about a four-decade high vs. most moving averages and Treasuries, along with Bitcoin's peak in 2025 (the crypto didn't exist in 2008), could augur inevitable reversion in risk assets. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/teyx5bkgzaj3 {BI COMD} #gold #stockmarket #inflation @BBGIntelligence(Mike McGlone)