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2024 Starts With Bitcoin Breakout, Crude Collapse, Mega-Cap Meltdown
Weaker than expected construction spending data and a dismal (final) Manufacturing PMI print for December suggested 2024 is not off to the 'goldilocks' start so many hoped for. chart However, despite the 'weak' data, Treasury yields were higher and the dollar stronger. Treasury yields were up across the board with the short-end underperforming (2Y +9bps, 30Y +5bps). Yields gapped higher to open and then traded in a narrow range from the European open... chart The 10Y yield gapped up to three-week-highs, hovering at the post-FOMC plunge levels... chart The dollar ripped higher to start 2024 - its biggest daily ... (full story)