{"id":1483657,"date":"2024-08-14T20:00:00","date_gmt":"2024-08-15T00:00:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1483657"},"modified":"2024-08-14T20:00:00","modified_gmt":"2024-08-15T00:00:00","slug":"bullion-bitcoin-black-gold-battered-but-sanguine-cpi-slams-leaves-stocks-bonds-confused","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bullion-bitcoin-black-gold-battered-but-sanguine-cpi-slams-leaves-stocks-bonds-confused\/1483657\/","title":{"rendered":"Bullion, Bitcoin, & Black Gold Battered But Sanguine CPI Slams Leaves Stocks & Bonds Confused"},"content":{"rendered":"

Bullion, Bitcoin, & Black Gold Battered But Sanguine CPI Slams Leaves Stocks & Bonds Confused<\/span><\/p>\n

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Inflation ‘surprise’ data continues to drift back lower (at February lows after this morning’s CPI) but more problematically macro growth ‘surprise’ data is hovering near COVID lockdown lows…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…and it is that potential growth scare that is dominating traders’ minds as they reduce rate-cut expectations<\/strong>…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Markets are confused…<\/p>\n

<\/a><\/p>\n

… Small Caps up, Dow down; Short-end of yield curve higher in yield, long-end lower; dollar flat as rate expectations slide; growthy Mag7 stocks rally while growthy commodities tumble…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…and gold and crypto slammed with dollar unch (though gold seemed to see this coming way early)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…and distracted…<\/p>\n

<\/a><\/p>\n

…as Kamala’s prediction market odds are now 12 pts above Trump’s…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

By the end of the day, The Dow was up, Small Caps down, Nasdaq unch… until a late-day panic-bid put some lipstick on the pig ahead of tomorrow’s retail sales data…<\/p>\n

<\/a><\/p>\n

VIX was clubbed like a baby seal back to a 16 handle…<\/p>\n

<\/a><\/p>\n

Treasuries were mixed with the short-end lagging (2Y +3bps, 30Y -4bps), but all yields are down on the week…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Today’s price action was a little wild in bond land with the CPI print sending 2Y up to 4.00% where it was firmly rejected…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The dollar was dumped overnight and through CPI, only to retrace those losses to end unchanged on the day…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

While the dollar was unchanged, gold prices tumbled, erasing much of Monday’s gains…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Oil prices followed a similar trajectory, with WTI dropping to a $76 handle intrday (after an unexpected crude build)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Bitcoin was battered back down to $59k after CPI and reports that Kamala’s administration is dumping more Silk Road seizures…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, market-driven financial conditions have eased dramatically in the last few months…<\/p>\n

<\/a><\/p>\n

Source: Goldman Sachs<\/em><\/p>\n

…clearly the market is demanding 200bps of cuts this year…or else, Kamala loses!.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 08\/14\/2024 – 16:00<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bullion-bitcoin-black-gold-battered-sanguine-cpi-slams-leaves-stocks-bonds-confused<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bullion, Bitcoin, & Black Gold Battered But Sanguine CPI Slams Leaves Stocks & Bonds Confused Inflation ‘surprise’ data continues to drift back lower (at February…<\/p>\n","protected":false},"author":0,"featured_media":1483658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1483657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1483657"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1483657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1483658"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1483657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1483657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1483657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}