First things first, rate cut expectations are soaring after the deflationary CPI print…

July rate cut expectation remain subdued though for now…

Which smashed Treasury yields lower, led by the short-end…

Which initial sent stock prices higher but all the majors are now back to unchanged… apart from the silly shit happening in Small Caps…

Gold soared above $2400…

The Dollar Index puked as JPY shot higher (USDJPY crashed) as chatter about possible BoJ intervention is crossing desks…

Surprisingly Crude prices are unimpressed for now. Bitcoin briefly rallied back above $59,000.

Long way to go fdor now but for sure the most notable aspect is the equity market’s lack of enthusiasm in anything but the dash for trash.