Yields spike after somewhat hot US economic data with US 10y now at 4.67%:
ISM Prices Paid Index came in higher than expected, signaling potential future inflation. At the same time, JOLTS job openings unexpectedly increased, with previous month's data also revised upward. Source: Bloomberg, HolgerZ
Howard Marks, Co-Chairman of Oaktree Capital and one of the world's most respected value investors, is cautioning about froth in the market and believes we are due for either:
1) a large correction in the market OR 2) 10-year returns of between +2 and -2% Source: Barchart
Markets are heating up Nasdaq just posted its single largest daily volume in HISTORY with 13.4 BILLION shares traded yesterday.
This beats the previous record of 11.9 billion shares on May 16th, 2024. Source: Barchart
A classic Meta to End Fact-Checking Program in Shift Ahead of Trump Term
Source: TrendSpider
Today's market chaos was brought to you by strong eco data (ISM Services headline and JOLTS), a scary Prices Paid print (two year high), and the return of Trump press conference-driven vol.
Source: www.zerohedge.com, Trend Spider
How much longer can this continue before the crocodile's mouth snaps shut?
(S&P 500 in green vs. US 10-year inverted in RED) Source: Bloomberg, www.zerohedge.com
10-Year Treasury Auction was awarded a 4.68% yield, the highest since 2007 🚨
Source: Barchart
Yields on 10-yr Treasuries are now the highest vs 2-year rates since 2022.
It's unclear whether this is a healthy normalization - a reversion back to the typical relationship of long-term yields being higher than short-term ones - or a sign of stickier inflation and deficit fears. Souce: Bloomberg, Lisa Abramowicz
