Bond Market Positioning at This Juncture

The current cocktail of rising energy prices, sticky inflation pressures when it comes to wages. Where does that leave risk assets, both stocks and bonds? I think the answer is basically where they've been for the last nine months or 12 months. The best asset out there is commodities because what's being priced into commodities is a collapse in growth. And we see oil prices, what's been the best asset over the last couple days? It's commodity prices.