The bond market is already setting up for volatility. US Treasurys: Yields have been moving lower, especially the 2Y–5Y maturities. That tells us investors are expecting the Fed to start cutting rates soon. Even though PPI came in better than expected, the market is betting growth is slowing and the Fed will have no choice but to ease. Lower yields = more demand for bonds = traders positioning for cuts. UK Gilts: Yields are moving higher. This is the opposite. Inflation in the UK is still running, so traders see the Bank of England staying hawkish. Instead of rate cuts, they’re forced to keep conditions tight. German Bunds: Yields are grinding lower. That shows investors are moving defensive in Europe, pricing in weaker growth and possible stagnation. This matters because the three biggest bond markets are sending different signals: US → preparing for cuts UK → still fighting inflation EU → bracing for slowdown When bonds point in opposite directions, it means there’s no clear global trend. That lack of alignment = more uncertainty, and uncertainty = more volatility in risk assets. This is why GOLD is at ATHs. Now add the calendar: CPI + PPI → inflation debate still alive FOMC meeting in mid September → Fed could cut, pause, or shift guidance ...