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Friday Speedrun: November 10, 2023
There was a really bad bond auction this week which put a temporary dent in the bacchanalia but had no lasting impact on yields or risky assets. The signal from the Fed and Treasury that they are willing to adjust issuance and monetary policy after long-term yields breached 5% remains the dominant story even though the really, really bad bond auction was not nice to look at. Crypto is so back. After a year of slumber and an amazing ability to withstand a series of frauds and systemic shocks in 2022 and 2023, crypto as an asset class is reemerging as the ultimate Wall Street insider, Blackrock, embraces the ultimate ... (full story)