Bitcoin & Bullion Explode After Bessent-Bailout, Yield-Curve & Dollar Crushed; Tech Tepid On Momo-Mess

Tl;dr: In case you missed, TSYSec Bessent unleashed QE-Lite this morning (more here and here), surprising the market and triggering major moves in the dollar (down), gold (up), bitcoin (up), and of course bonds (curve flattener on long-end bid). Stocks were also (initially) buoyed by Bessent's benevolence, but Nasdaq lagged as the Momentum maelstrom played out (worst day for L/S hedgies in years) amid AI angst and banks were dumped. Oil drifted higher, refined products more on Iran stalemate.

While the bond-bulls may be grateful...

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