It was a bull market for central planning headlines in this last week before the Christmas and New Year’s holidays. Markets rejoiced early as the Fed seemed to open up (albeit clumsily) to the possibility of near-term rate cuts heading into 2024, pushing stonks higher and yields lower – after this week, the benchmark 10-year Treasury yield has now declined over 100bps in just 6 weeks, more than retracing its violent upward spike from September and October. Congress, meanwhile, continued its concerted efforts to infringe on civil liberties in the form of both sweeping new surveillance authorities for intelligence agencies and the latest attempt by noted tribal elder Elizabeth Warren to “crack down” on open source software, privacy, and math. While policymakers keep scrambling to salvage an eroding monetary system while blocking the exits, we think it’s important to stay focused on the big picture of where the world is heading, best captured this week by two charts that appear to be simultaneously going parabolic:
Ten31 Timestamp 821,632
Ten31 Timestamp 821,632
Ten31 Timestamp 821,632
It was a bull market for central planning headlines in this last week before the Christmas and New Year’s holidays. Markets rejoiced early as the Fed seemed to open up (albeit clumsily) to the possibility of near-term rate cuts heading into 2024, pushing stonks higher and yields lower – after this week, the benchmark 10-year Treasury yield has now declined over 100bps in just 6 weeks, more than retracing its violent upward spike from September and October. Congress, meanwhile, continued its concerted efforts to infringe on civil liberties in the form of both sweeping new surveillance authorities for intelligence agencies and the latest attempt by noted tribal elder Elizabeth Warren to “crack down” on open source software, privacy, and math. While policymakers keep scrambling to salvage an eroding monetary system while blocking the exits, we think it’s important to stay focused on the big picture of where the world is heading, best captured this week by two charts that appear to be simultaneously going parabolic: