For months, the talking heads have espoused soft-landings and disinflationary trends and rate-cut-paloozas (but hell no recession at all).

But, after the last set of inflation data hit - showing stickier than expected price rises (especially the acyclical segment)...

...it appears the market ain't buying what The Fed is selling anymore...

First things first, Breakevens are soaring (the market's bet on where inflation will be)...

Gold is breaking out, near record highs...

And of course, bitcoin is soaring, also back near record highs...

So is inflation under control or not? Who do you believe, The Fed or your lying eyes?