Coincident with the CRB index at its highest level since late Nov, the
Baltic Dry Index rising for an 18th straight day to the highest level
since early Oct and all in the context of the Fed’s policy of
quantitative easing, the implied inflation rate in the 10 yr TIPS this
morning is up for a 9th straight day at 1.86% and up by almost 40 bps
during this stretch. It’s at the highest level since Sept 22nd ’08.

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