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There's A "Crisis Brewing": Powell & Piss-Poor Auction Spark Chaos In Credit Markets, Crypto Soars
Well that was a day... Almost time to trot out the 'deer in headlights'... A double-whammy of a 30Y TSY auction bloodbath and Powell's considerably more hawkish-than-expected tone prompted bonds and stocks to be clubbed like a baby seal as the dollar soared... chart Did Powell finally notice that his words at the FOMC about how the market is tightening financial conditions for them prompted a dramatic easing of financial conditions... chart Powell broke the multi-decade win-streak in S&P and Nasdaq... tweet Weakness in stocks hit at the cash open - after creeping higher overnight - the auction's spike in ... (full story)