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.