MacroVoices #354 Jim Bianco: CPI, FOMC, China & More
Macro Voices
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The Market Isn't Concerned About Supply or Inventory
The market just plain isn't concerned about supply or inventory. The China reopening news that so many analysts, including myself and Goldman Sachs predicted would turn this market around seems to be happening right now. Yet as I'm recording this, the January to February time spread is still in contango to the tune of 7 cents. A sign that the market probably hasn't put in its final bottom yet. Bottom line, the signals are conflicting and don't make sense to me, so I'm on the sidelines.
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