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Stocks & Gold Gain, US Dollar Pain As 'Soft Landing' Narrative Implodes
Another day, another disappointing set of macro data that curb-stomps the 'soft-landing' narrative as US Macro Surprise Index just suffered its biggest 9-day decline since May 2022... chart Specifically, the suddenly disappointing labor market data has sent rate-change expectations plunging below pre-Powell-Jackson-Hole levels... chart The market is now pricing in 110bps of rate-cuts in 2024... chart Treasury yields had a volatile day - swinging from up around 4bps to down around 6bps, as ADP disappointed (and GDP didn't help). By the close, a rather unusual event occurred with the entire curve ending ... (full story)