10Y yields jump to a fresh 6 month high of 4.63%, a level which will start denting the Christmas rally meltup.

All we want for Christmas is... crypto?

Another day post-election, another set of disappointing US macro data... but there's just no killing megacaps...

"The avoidance of a US government shutdown helped ease some of the negative pressure on stocks."

...triple-witch trauma, dovish Goolsbee, big short squeeze, massive positive breadth, and cool PCE.

"There’s plenty of room for volatility to kick in and a selloff to take place"

...dead-cat bounce?

"We are, though, in a new phase in the process..."

“Today’s decision will be less consensual than what the market expects”

...ho, ho, ho...umm?

“There is also the Fed, which stirs some uncertainty”

...but the dollar and bonds were unchanged while mega-cap tech soared

"Central banks have been helpful in 2024 as they start cutting interest rates when the economy was still strong"

...hawks hammer doves and extreme downside risk hedges are surging.

“You have a US economy which is doing well and an incoming administration that is very pro-corporate"

"...we are not amused."

"We anticipate a dovish 25-basis-point rate cut, alongside signals of flexibility on future adjustments"

Confused... employment is solid and inflation is re-accelerating... so why are rate-cut odds rising?

"Last time we had the trade war, we saw a big weakening in the yuan"

For the second day in a row, traders rotated into gold out of crypto...