The stock market is currently pricing in slower growth, and so is GOLD. The bond market - thought to be the most accurate in pricing in economic activity - has known about this since May. However, traders ignored this due to global supply chain constraints and labor shortages with the resurgence of the Delta variant. This scatters the reflation trade as banks & traders unwind their bets. Moving forward, inflation looks like will be transitory in most elements of the economy hence reducing pressure on major Central banks around the world to start tapering on bond purchases.