Gold & Bonds Soar After Weak Jobs, Manufacturing Data; Rate-Cut Odds Soar
Bonds and Bullion are soaring after the ugly JOLTS and weak manufacturing data this morning.
Spot Gold soared back above $2020. The precious metal has only ever been higher than this on seven days in history...
Source: Bloomberg
Treasury yields are plunging...
With 2Y back well below 4.00%...
As rate-hike expectations plummet across the curve with a 25bps hike in May now less than 50% (and year-end rates expected to be 65bps below current levels)...
Around 15-20bps has been cut off of the STIRs curve...
The dollar plunged to its lowest in 2 months...
Stocks are mixed with Nasdaq rebounding but Small Caps (finance heavy) tumbling...
Regional Bank stocks are extending losses...
Will Powell shift his tone?