All the people who were betting on inflation or at least “reflation” bets continuing to perform well in the wake of QE Unlimited are a bit disappointed today.
We already mentioned that oil is down about 3%.
Gold is also having a bad day.
The 5-year breakeven rate — a measure of people betting on inflation — is down notably.
The worst performing sector int he market today: Basic materials, which is down nearly 2%.
Bottom line: At least for the moment, all of the “bet on rising commodity costs and inflation” bets are losing today.
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