Big Tech, Bonds, & Bitcoin Bounce As Yield Curve Inversion Deepens | ZeroHedge
Barely any US macro today (Richmond Fed marginally worse than expected), but China Zero-COVID chaos and a double whammy of hawkish FedSpeak (though the market seemed shocked by the fact that The Fed will not be hiking rates at 75bps a click forever)... Mester: “Given the high level of inflation, restoring price stability remains the number one focus of the FOMC...monetary policy entering a different cadence." Translation - we are hiking no matter what, but the pace of hikes may slow. George admits Fed buying MBS stoked surging home prices, adding that it "could well take a higher interest rate for some time to convince households to hold onto savings." Translation - we are hiking rates more and holding for longer. ... sent yields lower but stocks higher as recession-hope-driven rate-cut expectations next year picked up a little... Source: Bloomberg The yield curve is inverted-erer!! Everywhere... Source: Bloomberg With The Fed's self-admitted 'most accurate' spread (3m10y) now at its m
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### Response: Barely any US macro today (Richmond Fed marginally worse than expected), but China Zero-COVID chaos and a double whammy of hawkish FedSpeak (though the market seemed shocked by the fact that The Fed will not be hiking rates at 75bps a click forever)... Mester: “Given the high level of inflation, restoring price stability remains the number one focus of the FOMC...monetary policy entering a different cadence." Translation - we are hiking no matter what, but the pace of hikes may slow. George admits Fed buying MBS stoked surging home prices, adding that it "could well take a higher interest rate for some time to convince households to hold onto savings." Translation - we are hiking rates more and holding for longer. ... sent yields lower but stocks higher as recession-hope-driven rate-cut expectations next year picked up a little... Source: Bloomberg The yield curve is inverted-erer!! Everywhere... Source: Bloomberg With The Fed's self-admitted 'most accurate' spread (3m10y) now at its m