Long Bonds at Resistance

30-yr Bond futures have climbed back amidst negative economic data indicating that the Fed will cut rates again this year. Moreover, the Fed announced this morning that its inflation measure matches forecasts, pushing bonds higher. But with silver, gold, and crude oil beating historical highs with never before seen prices, inflation seems far from under control, and I think the rally in long bonds is overdone. Inflation expectations and potential record highs in the stock market should send the 30-yr below 110 in the coming weeks.

[Bond futures: one-month chart]