It’s been a bit of a weird week as idiosyncratic positioning, rebalancing, and rotation trades have dominated as there wasn’t much to chew on macro-wise. The story in macro was Europe-centric as inflation came in higher across the Old World, and ECB cuts continue to be priced out. The ECB essentially promised a rate cut on June 6, and will almost surely deliver that just because. But going forward, the disinflationary winds have stopped, and all the data is pointing to stickiness around current levels. {chart} It’s been a bit of a weird week as idiosyncratic positioning, rebalancing, and rotation trades have ... (full story)