If accurate, and I believe the graphic is precisely on the mark, the interest rate cycle is nearly over, just as a near-unanimous consensus has formed that the bond bull market is over and the stock market is headed for new highs.
Asset bubble bursting is inherently deflationary.
As I stated yesterday, it's increasingly easy to stick with my prognosis: Inflation is in the Rear-View Mirror.
Enjoy what's left of the bubble.
Mike "Mish" Shedlock