TRADING RANGE SCENARIO STILL IN THE CARDS ...
[Latest Global Dollar Liquidity Measure: +15.6% annual growth rate; latest Endogenous Liquidity Index: -15.0%]

Sorry for the lack of posting ... Not always easy from a distance ... Trading range scenario still in the cards ... A further 35 basis points to go on the Baa spread before Liquidity Combo Model (funding + market liquidity) turns officially bearish ... Looks very unlikely to me ... Yield curve's renewed inversion signals lower inflationary pressures ahead ... Markets doing the Fed's job ...