Yesterday ADP came in below expectations while unit labor cost also hit lower levels than expected. Stocks extended losses to 3 straight and were eliminated from the NBA's in-season tournament. It's hard to believe that in mid to late October the 10Y was at 5%. The narrative has shifted quickly to rate cutting and even the concept of "preemptive rate cuts" as soft data and slower inflation have seemingly one the day at present. Crude is now back to ~$70, the lowest it's been since July. Markets are also keeping an eye on the Yen as Kuroda again talks about the potential changes to monetary policy over there (for the millionth time). The real question is will Friday's Jobs report do anything to change the current narratives heading into next week's FOMC?
To start the day yields are up 2-4bps with the 2Y at 4.62% and the 10Y at 4.15%. Ahead we get Jobless Claims, Inventories and Consumer Wealth and Credit information.
XTOD: gradually…then… say it, say the word…
XTOD: The term vibecession refers to widespread pessimism about the economy regardless of the actual economic situation. Learn more about the term and its origin. https://t.co/uwZzsWEdpy
XTOD: The Summer Of Central Bank Gold Buying Extends Into The Fall
XTOD: One of the most famous short sellers, Carson Block of Muddy Waters, is shorting Blackstone Mortgage Trust - a lender to commercial real estate owners and developers
Here's what he had to say on CNBC: https://www.cnbc.com/video/2023/12/06/carson-block-shorts-blackstone-mortgage-trust-heres-why.html
XTOD: Time has been doing this since 1927, when Charles Lindbergh won the honor. This is the first time a musician has ever won. The most popular occupation for TIME’s Person of the Year is politics. A politician has been awarded the honor 64% of the time.
XTOD: Social media likes to give you the illusion of "fast", "quick" and "overnight" based on mechanical fixes In reality, persistence over a long period of time is probably the most undervalued trait in successful players. They just kept showing up and doing hard things
XTOD: Phil Jackson said, "The strength of the team is each individual member. The strength of each member is the team."
Great teams know how to come together.
• They trust each other.
• They communicate.
• They connect.
A great team is not a group of individuals seeking personal recognition, it's a collective group that trust each other enough to work towards a common goal.
They work together and they care for each other.
Great teams remove their ego from the decision-making.
https://x.com/INArteCarloDoss/status/1732366383369855360?s=20
https://x.com/Dictionarycom/status/1730345974957023355?s=20
https://x.com/zerohedge/status/1732361794637709375?s=20
https://x.com/TripleNetInvest/status/1732495146279952813?s=20
https://x.com/darrenrovell/status/1732398342959702102?s=20
https://x.com/clongbaseball/status/1732113523168219469?s=20
https://x.com/coachajkings/status/1732390178981847425?s=20
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