We're in a world of persistent inflation, says Peter Boockvar

• Japanese yen strengthening, likely due to BOJ intervention and anticipation of a rate hike on September 18th, with 160 as a 'line in the sand'.
• Rising Japanese bond yields are acting as a 'magnet' drawing up European and US bond yields.
• Persistent inflation (3-4% is the 'new 1-2%') is expected due to a full-fledged commodity bull market in energy and agriculture.
• The Fed is in a 'rate tweaking cycle' and is 'boxed in' by persistent inflation and large fiscal deficits, making its influence on the yield curve less relevant.

Peter Boockvar discusses the strengthening Japanese yen, attributing it to potential Bank of Japan intervention and a looming rate hike. He believes rising Japanese yields are pulling up global yields. Boockvar also foresees persistent inflation driven by a commodity bull market, suggesting the Fed is 'boxed in' and its actions are less impactful than market forces.