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Crypto Jumps But Bonds Dump As FCI Doom-Loop Looms
Today's (better than expected) retail sales data plus yesterday's (cooler than expected) CPI reading, suggest the growth outlook remains resilient. But, as Goldman's Chris Hussey notes, if Tuesday's CPI reading raised investors' hopes that the Fed would begin cutting sooner-than-expected, today's more resilient growth data partially reversed those hopes... chart Yesterday's massive surge in stocks and bonds (and weakness in the dollar) prompted one of the largest declines (easings) of financial conditions in the last few years. Critically, it has erased all of 2023's 'tightening' (now at the same level as hen Fed ... (full story)