Our Monthly Global Macro Indicators are out for May * BOFA MOVE Index falls below 100 for the first time in 3 months—signaling relief in fixed income markets. * Japan’s 10Y yield is quietly rising, hinting at capital returning home as Japan exits ultra-loose policy. * Oil’s decline below $70 adds a deflationary tilt to the macro mix. https://open.substack.com/pub/pinetreemacroresearch/p/global-macro-indicators-may-25?r=1ci9u&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true