was growing weaker.

And because #TheKinkInTheCurve (the fact that the 10yr JGB yield was artificially low vs the rest of the interest rate curve) is not "Real Economy", it was effectively a central bank-driven outlier which had been overtaken by markets. So align.

Three months ago (8Sep), I posted the below (Twitter):

"This may be the most important chart in macro. This is what people are betting on.

It’s all there.

The Fed. The BOJ. Inflation. QE vs QT.

In one handy number."