Four major signals just flashed. Inflation isn’t breaking out yet, but if it does, the Fed’s rate cut path gets blown up. Rate expectations flipped this week, going from “cuts incoming” to “cuts uncertain,” which is exactly how sell offs start. QT isn’t behaving as planned, and the dollar is curling higher, a combo that forces every risk asset to reprice. These are the shifts that actually move markets. Full breakdown in the comments 👇