The win streak is over for stocks as bond yields rose double digit basis points yesterday as investors suddenly remember supply with a poor 30Y auction. Powell saying he won’t hesitate to raise rates again if needed (and cursing as he's annoyed at climate activist), along with Billionaire Ken Griffin talking up structurally higher inflation that could last decades didn't help markets. Bond trading was also possibly impacted by a cyber attack against the U.S. arm of Chinese bank ICBC.
This morning yields are on the rise, with the 2Y back over 5%, trading at 5.03% and the 10Y is at 4.64%. On the day ahead it's UofM Consumer Survey and Fedspeak.
XTOD: WATCH: Federal Reserve Chair Powell caught on film saying "Just close the F--ing door" to climate protesters who interrupted his speech https://twitter.com/i/status/1722705164719570973
XTOD: "Mitigating risk really isn't about where we think the world is going to be," Spitznagel said. "Mitigating risk is about what that path is going to look like, and the opportunities that you have along that path, right? The dry powder that you create." https://t.co/1KKxfMySRz
XTOD: The older you get the more you realize how precious life is. You have no desire for drama, conflict or stress. You just want good friends, a cozy home, food on the table, and people who make you happy.
XTOD: Starwood Property Trust Income Down 75%, Barry Sternlicht Says Fed Is 'Crushing' Industries Like CRE https://pbs.twimg.com/card_img/1722687872195514368/XDJ3StXL?format=jpg&name=900x900
XTOD: These pauses will help get civilians to safer areas away from active fighting. They are a step in the right direction. You have my word: I will continue to advocate for civilian safety and focus on increasing aid to alleviate the suffering of the people of Gaza.
XTOD: When you find a great idea, buy enough of it to make a meaningful difference to your life.
- The Joys of Compounding
XTOD: I remain astonished at how much people ignore solid yet unflashy insights into making money over the long run in markets. https://t.co/3v4qQNNVPT
https://x.com/Public_Citizen/status/1722705164719570973?s=20
https://x.com/vtchakarova/status/1722709904106852614?s=20
https://x.com/SHAQ/status/1721982796540101093?s=20
https://x.com/Bisnow/status/1722732931355918569?s=20
https://x.com/POTUS/status/1722739599519129707?s=20
https://x.com/joyofcompoundin/status/1721372927243759925?s=20
https://x.com/Ritholtz/status/1722609232288133374?s=20
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