Monday Macro: Beware those forward earnings numbers, the correlation snap and key questions for Asia answered

Plus, "unexpected inflation" plays well for industrial metals and the Rolex boom

Let’s kick off with two fascinating charts from the S&P Dow Jones review of markets in 2022. The first chart reminds us that U.S. Treasuries are on track for their worst year on record, with the S&P U.S. Treasury Bond Index down 9%. That shouldn’t be happening at the same time as falling equity markets but as the chart below shows correlations between U…