As in “a picture is worth a thousand words”,
“un bon croquis vaut mieux qu'un long discours”,
"百闻不如一见", or "As the Chinese say, 1001 words is worth more than a picture."!
The lagged effect of inflation.
"Despite the historically high unexpected inflation, current revisions to long-term inflation expectations remain around 20 basis points, similar to the revisions in 2018 and slightly smaller than revisions in 2014."
The Austria 100 years bond price is down almost 50% from its 2020 all-time-high...
Fed Pivot Becomes Fed Prayer
Imbalances: US equities have lost c. 75% of their value vs bonds from 1971 until 2016