Selling Bitcoin, Gold, Commodities to Buy US Bonds May Gain Traction The last time the Bloomberg Commodity Spot Index (BCOM) traded this high vs. T-bonds for more than one month was in 1990. What's notably different from 1990 and 2008, when BCOM peaked vs. the Bloomberg US Long Treasury Total Return Index, is that the Fed is now hiking rates. The graphic highlights the consistency of recessions and rate-cutting cycles when the BCOM/T-bond ratio was similarly extended. My takeaway is that the US Treasury 10-year yield above 5% and surging energy prices have reached levels that significantly raise the chances of breaking the global economy and stock markets. Fed tightening alongside other central banks in this cycle, compared with past examples of easing coincident with similar BCOM vs. T-bond extremes, may suggest an endgame for risk assets. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tli3tarkv2tv {BI COMD} #commodities #gold #Bitcoin #bonds @BBGIntelligence