In today's Macro Minute, we break down what nominal GDP tracking above 10% on a three-month annualized basis means for your portfolio — and why investors need to start considering the other side of the distribution. With April CPI printing at its hottest levels since 2022, energy prices surging past $4.50 at the pump, and early signs of a global liquidity crisis emerging from the UK and India, the risk-off probability is rising.