It has been quite the year in macro as every single theme had a half-life measured in weeks and the consensus got hurt short the front end in March, and short the back end in November but also got hurt long bonds and long the front end at various times too! Recession gave way to growth. Society-disrupting levels of inflation gave way to Goldilocks disinflation and now everything is awesome and nobody believes anything is true. While every major economic data point remains pegged in disinflationary boom territory, boogeymen lurk around every corner, every day. As discussed many times here and in am/FX, the soft data ... (full story)