As markets priced in rising odds of a 50 bps rate cut this week, thanks to a coordinated trial balloon campaign from the WSJ's Nick Timiraos, to the FT, to Bill Dudley all seeking to set the stage for what may be a jumbo cut to start this easing cycle despite the highest and stickiest inflation at the start of an easing cycle in 4 decades...
... one asset class has benefited more than most: the same one that BofA's Michael Hartnett said is the best hedge to a renewed surge in inflation in 2025: gold.
