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🚨 PPI INFLATION came in at DOUBLE expectations this morning. So yields should be going up. Instead, the 10-year FELL about 10 bps & $TLT is up, forming a bottom ~$78! MY take? Fear of the AI-money-suck ($140b in 10 days of raising..) is getting people to buy a risk free 5%! https://t.co/R6wEJZX5Up ✅ September PPI: +1.3% vs 0.6% expected. ✅ Biggest jump since March 2022. 😇 80% of this increase fuel, baby, 50% gasoline. ✅ Retail sales control group: 0.1% vs 0.3% expected. ➡️ Strip out gas and the consumer is cooling. ✅ The 10-year still FELL about 10 bps. 😇 5.27 was going to be the top in the 10-year Treasury yield. ✅ Anthropic Q3 revenue: $16.8B, up about 45%. 😇 There's little sign that like this business is near collapse and the AI trade is over. ➡️ My window for an Iran deal is still Oct 20 to 27. 😇 The more the stock market falls, the more likely it is that Donald Trump signs a deal with Iran 😇 Polls are fake news. The market is real news to him.