It’s like we’ve come full circle in two years to the last commodities bubble after Russia invaded Ukraine. Zoltan Pozsar became briefly famous by declaring Bretton Woods III was upon us before commodities crashed and he disappeared.
A new crop of commodity interlopers is upon us:
Aggregate bond indices are up in most countries on an annual basis. But the broadening commodity rally threatens to feed into global inflation and kickstart another bond selloff.
