See on the daily bar chart for the March U.S. Treasury bond futures that prices have dropped sharply to start the new year (yields rising). This is a big deal for the overall marketplace, as it suggests inflationary pressures are on the rise and could become problematic in 2022. Don’t be surprised to see inflation worries sap trader and investor risk appetite in the marketplace in the coming weeks. That’s bearish for stocks and bonds, but bullish for hard assets like raw commodities. Stay tuned—Jim Wyckoff