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Monday, October 2, 2023

Bonds, Big-Tech, Bitcoin, & Bullion Soar After JOLTS Weakness Sends Rate-Hike Odds Plunging

A much weaker than expected JOLTS print (3rd biggest miss on record and downward revisions) sparked the kind of event risk chaois in markets that we had warned about.

First things first, the recent hawkish trend in rate-change expectations have been smashed dovishly lower…

Source: Bloomberg

Which sent the dollar lower, erasing the post-Powell spike…

Source: Bloomberg

And sparked a bid in bonds, big-tech (long duration) stocks, bitcoin, and gold.

Treasury yields plunged, led by the short-end (with 2Y yields back below 5.00%)…

Source: Bloomberg

Bitcoin exploded back up towards $27,000…

Source: Bloomberg

Spot Gold spiked back up to $1935…

Source: Bloomberg

And stocks extended earlier gains led by Nasdaq…

Some serious moves across asset-classes – we do not expect them all to hold.

This post was originally published on this site

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