what are the bears saying? you can have your peak inflation relief rally, but don�t kid yourself, we�re still a very long way from 2.0% core PCE and the Fed is still very far offsides.   why?  the building blocks of inflation are going to be an ongoing problem (link) and the Fed will need to beat back this easing of financial conditions.  when coupled with a tactically overbought market and low quality internals (e.g. the most shorted basket has led the rip), you have enough bearish ammo to set fresh trading shorts.  also, Quantitative Tightening is set to double come September.   

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