The Warning Signs of a Second Deflationary Wave

We had a deflationary hurricane hit the marketplace in late February, whose damage lasted into March and even into the end of April. We saw all sorts of things then happen across March, including our first whiff of inversion in the US Treasury yield curve which happened a couple weeks later. Of course, that's the way markets go. There's ebbs and flows. There's fluctuation. As I always say, nothing ever goes in a straight line.