The penultimate trading day of the year was 'mixed' with Small Cap stocks and Treasury Bonds down; The dollar and The Dow up; and crypto, credit, and crude all falling as what little macro data there was disappointed (wholesale inventories declined for the 9th month in a row; claims rising more than expected and pending home sales weaker than expected). March rate-cut odds remain around 85-90% with around 160bps of rate-cuts priced-in still for 2024. “What we are seeing now is a bond carnival,” said Hideo Shimomura, a senior portfolio manager at Fivestar Asset Management Co. in Tokyo. “Bond investors have been ... (full story)