That would have been a fine trade in 2007, no doubt about it.
Update:
The 10-year is getting whacked today, the yield is at 3.9 and climbing. 30-year mortgage rates are higher today (5.82) than 1 year ago today (5.77,) according to Bloomberg.
Across the board, the inflation trade is en fuego. I’m not sure about that. Commodities usually break last, but they break hard.
