Last week’s data has done a lot to persuade me that the US economic cycle has finally turned, and the peak for both Dollar and 10-year yields is in, but it’s clear that the market collectively is very worried about being caught out again.

I suspect that economists will need more convincing than I do, that the US outlook has changed. It brings to mind an image of Roadrunner sprinting off the end of a cliff and hanging above the abyss for an unreasonably long time.