Seemingly choosing to ignore soaring new home sales and median home prices (and wage-related and input cost pressures within the PMI data), US equity markets, bond markets. gold, and crypto are all ripping higher on the 'bad news' decline in Manfacturing Services 'soft' data.
The driver of this move appears to be optimism that The Fed may cut.. more... as 2024 rate-cut expectation shifted back up near '2'...
Source: Bloomberg
Treasury yields tumbled with the short-end outperforming...
Source: Bloomberg
Gold soared back from overnight weakness...
Source: Bloomberg
Bitcoin ripped back above $67,000...
Source: Bloomberg
And stocks are extending yesterday's gains...
How long will this last?
