According to The Kobeissi Letter, commodities have been steadily pricing in a US recession over the past two months, reflecting ongoing market concerns about economic slowdown and its direct influence on interest rate expectations. The analysis suggests that a recession scenario is increasingly seen by traders as the key path to achieving sustainably lower rates, which could have significant implications for commodities futures, macro-driven trading strategies, and crypto assets sensitive to rate movements (Source: The Kobeissi Letter, April 30, 2025).