Reason #1: Inflation. In his book “Intermarket Technical Analysis”, author John J. Murphy opened Chapter 3 by saying, “Of all the intermarket relationships explained in this book, the link between commodity markets and the Treasury bond market is the most important.” The next section of the chapter has the sub-title, “The Key is Inflation”. As you have likely learned by now, I couldn’t care less about “official” government numbers regarding inflation (e.g. Consumer Price Index, Producer Price Index, etc.), ...