U.S. April Retail Sales Weakness

I have been waiting for news that would trigger a meaningful setback in stubbornly high short rates. The street has ignored the short end inversion up to now - and something had to give.

A sharp short end rate setback is needed to normalize the invisible end of the curve.

This could bring on a surge of recession dialogue as the ubiquitous market reluctantly completes an intermediate term top.

Just a thought.