Will we trade "past peak tightening" and "past peak inflation" now?

Consensus trades are made to be broken

Yields seem to be bouncing off of long term resistance levels. Interesting to see real rates remaining firm as its inflation expectations that are dropping just as fast as nominal driven largely by the front end of the curve. The implications here could be two fold; we are losing some of the imbedded right tail convexity after the first inflation miss we've had in months (US CPI ) or perhaps an indication that underlying growth trends are slowing faster than expected. Anyhow, it can be very violent and rapid when consensus trades get challenged and "short duration" and "long inflation" are probably two of the biggest ones out there right now.

Past peak tightening fear?