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Bond Bloodbath Trounces Tech; Batters Bitcoin, Banks, & Bullion
A central bank smorgasbord started the day off with a bang of confusing cross-currents (SNB/BOE unch; Riksbank/Norges hiked and hawkisher; and Turkey hiked in line) - all sending the dollar higher further. Domestically, just as much confusion: a hot labor market (claims plunging), and inflation fears rising (Philly Fed prices paid), along with housing getting hammered (existing home sales slump). But it was still The Fed that was on everyone's mind, and the market's expectations for rate-cuts next year are quickly be reduced from over 6 rates cuts implied in July to around 3 cuts in 2024 now... chart We suspect it ... (full story)