Commodity markets are saying everything you need to know. Even as rate hike expectations and Treasury yields rise, commodities continue push higher across the board. Inflation has now been above the Fed's 2% target for 65 consecutive months. And, the Fed's 2% target appears to be distant at best as oil prices near $100/barrel again. The reality is that the denominator of these assets, the US Dollar, is undergoing a historic loss of purchasing power. Prices are not just rising; the currency they are priced in is losing value. We have a long road ahead.(The Kobeissi Letter)