In terms of total wealth destroyed, 2024 has started with the worst record ever as global bond and stock markets saw over $3 trillion wiped away... {chart} The losses are dominated by global stocks (down around $2 trillion), while bonds are down around $1 trillion (but still up massively from the major inflection point at the start of November)... {chart} This shift has dramatically changed the trend for financial conditions (which have tightened by the most over the past week since October)... {chart} And hope is rung out of the economy as 'soft' data starts to catch down to 'hard' data's somber reality... {chart} ... (full story)