"The Macro Playbook Has Officially Flipped" - Goldman Trader Warns 'Bad News Is Now Bad News'

This morning we suffered a triumvirate of terribleness in macro-data:

  • A worse-than-expected surge in jobless claims,

  • combined with some seriously ugly US Manufacturing survey data,

  • and a big miss for construction spending.

That 'bad news' prompted a dovish response in STIRs markets, sending rate-cut expectations soaring...

Authored by Tyler Durden via ZeroHedge August 1st 2024