This is a beautiful chart. When we filter time out of the analysis, the price action becomes clearer.
The 2-year rate leads the Fed. Right now, it would be anticipating the famous pivot
The 2-year rate consistently anticipates the Fed rate. By examining the correlation coefficient, one can even estimate the breakdown of that correlation, which occurs with the introduction of a new macro narrative that displaces the previous one.
Point and Figure. Gold Spot. Five years in weekly periods. Very clear resistance and trend line.
