We haven’t spent much time talking about soft commodities lately. That’s because the big trends in recent months have been elsewhere in areas like metals, where the momentum has been cleaner and the trends more persistent.
In most parts of life, the rule is simple — follow the leader.But in the bond market, the game’s a little different. Here, it’s more like carry the follower.
That’s exactly what we’re seeing play out right now between short term and...
