The broad-based bullishness of the past few months flatlined somewhat this week as multiple inflation prints came in hotter than expected while closely watched indicators like US retail sales also moved in the wrong direction. The benchmark US 10-year yield popped notably on the week and is now up ~50bps off YTD lows to ~4.3%, a level that has historically coincided with increased stress in financial markets including September 2022’s near-implosion of British pension funds, spring 2023’s banking crisis, and last October’s turbulence in the global bond complex. While the S&P and Nasdaq were down modestly on the week as investors digested a potentially longer path to central bank rate cuts, bitcoin ripped off another ~10% move up as net inflows to new spot ETFs accelerated to the tune of ~$2.5 billion. As price inflation proves stickier than hoped (even as measured by questionable official statistics), major pockets of traditional investment like commercial real estate continue to look more impaired, and central bankers worldwide say the
Ten31 Timestamp 830,861
Ten31 Timestamp 830,861
Ten31 Timestamp 830,861
The broad-based bullishness of the past few months flatlined somewhat this week as multiple inflation prints came in hotter than expected while closely watched indicators like US retail sales also moved in the wrong direction. The benchmark US 10-year yield popped notably on the week and is now up ~50bps off YTD lows to ~4.3%, a level that has historically coincided with increased stress in financial markets including September 2022’s near-implosion of British pension funds, spring 2023’s banking crisis, and last October’s turbulence in the global bond complex. While the S&P and Nasdaq were down modestly on the week as investors digested a potentially longer path to central bank rate cuts, bitcoin ripped off another ~10% move up as net inflows to new spot ETFs accelerated to the tune of ~$2.5 billion. As price inflation proves stickier than hoped (even as measured by questionable official statistics), major pockets of traditional investment like commercial real estate continue to look more impaired, and central bankers worldwide say the