Lofty US Stocks, Peak Bitcoin, Deflating China and Commodities - Unchanged broad commodity prices from the end of 2022, despite a roughly 60% rise in the US #stockmarket, may suggest an inordinate burden on equities to keep going higher for material prices not to fall. Or are #commodities too low? My analysis shows the potential for #deflationary dominoes if risk assets decline, and #Bitcoin could be at the forefront. The full report is on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/srb86cdwrgg0 {BI COMD} #macroeconomics #gold #crudeoil @BBGIntelligence