It looks like the bears are throwing the towel...
Burry's bet against America..
JUST IN: Futures now show a 0% chance of additional rate hikes with rate cuts beginning in May 2024
Prior to today's CPI report, there was a 30% chance of at least one more rate hike ahead. Rate cuts were expected to begin in June 2024. Now, markets are pricing-in at least 4 rate CUTS in 2024. Markets are betting that the Fed is done. Source: The Kobeissi Letter
The Shanghai Cooperation Organization (SCO) is a Eurasian entity uniting political, economic and security interests
It serves as a counterweight to Western influence in the region. Source: Visual Capitalist
What kills bull markets
Nice visual by @safalniveshak thru Brian Feroldi
Dividend stocks have been horrendous in 2023
The 100 highest yielding stocks in the S&P had an average total return of -7.94% through last Friday compared to an average gain of 8.94% for the 100 (exactly) stocks in the index that pay no dividend. Source: Bespoke
Looks like it will be one of the most crowded trades to come
61% of Fund Managers from BofA Fund Manager survey expect lower bond yields, most on record, despite 2nd highest ever saying fiscal policy is too stimulative. Source: BofA, HolgerZ
US CPI has moved down from a peak of 9.1% in June 2022 to 3.2% today
What's driving that decline? Lower rates of inflation in Fuel Oil, Gas Utilities, Used Cars, Gasoline, Medical Care, New Cars, Food at Home, Electricity, Apparel, and Food away from Home. Shelter and Transportation are the only major components that have a higher inflation rate today than June 2022. Source: Charlie Bilello
US inflation data for Oct undershoot consensus
Headline dropped to +3.2% from 3.7% in Sep vs 3.3% expected, Core CPI dropped to 4.0% from 4.1% vs 4.1% expected. Dollar and Yields plunge. - Following two months of higher than expected US CPI numbers (mainly driven by higher energy prices and healthcare costs), the October CPI print was expected slow materially (from 3.7% to 3.3% yoy on headline CPI) while the core was expected to remain unchanged at 4.1%. But today’s CPI print is a miss across the board with both headline and core numbers coming in below expectations on both a sequential and annual basis. - Headline CPI came in at 3.2%, below the 3.3% expected, while MoM CPI also missed expectations, being vs. consensus at +0.1% and sharply below last month's 0.4%. Source: Bloomberg, HolgeZ, www.zerohedge.com
