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Cross-asset & supply

Cross-asset & supply context
Stock-Bond Correlation

Rolling 60-day SPX–Treasury return correlation.

stock_bond_corr

How to read Negative = the bond is a hedge; positive = a co-mover (the 2022+ regime, driven by inflation uncertainty).

Federal Interest Expense

Federal trailing-12-month interest expense on the public debt.

interest_expense

How to read Rising expense = the fiscal cost of higher-for-longer rates.

Auction Demand

10-year Treasury auction bid-to-cover — demand at issuance.

auction_quality

How to read Low bid-to-cover = weak demand / supply indigestion.

Gold vs Real Yields

Gold price against the 10-year real (TIPS) yield.

gold_vs_real_yields

How to read Gold and real yields are usually inversely linked; a break in that relationship is notable.

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