Is good news, good news? Capping off a week of positive macro surprises, payrolls slipped into the goldilocks dress and spoiled the dovish party for many…

US Macro is at its highest since April, having flipped positive this week…

Source: Bloomberg

Rate-cut expectations have plunged (hawkishly)…

Source: Bloomberg

… and Treasury yields have exploded higher (2Y +22bps today, 30Y +9bps). 2Y yields are up over 36bps on the week as the curve flattened dramatically…

Source: Bloomberg

…with 10Y Yield pushing back towards 4.00%…

Source: Bloomberg

…and the yield curve (2s10s) bear-flattened dramatically this week, almost back to inverted…

Source: Bloomberg

Bond yields caught up to stocks today…

Source: Bloomberg

The hawkishness in STIRs and higher rates did not stymie stocks today as they squeezed up to unchanged (with Small Caps ripping today the most but the worst on the week)…

The dollar surged higher today, to its highest close since mid-August. The dollar was up all five days in a row this week for its best week since Sept 2022…

Source: Bloomberg

Bitcoin was down on the week, but found support at $60k…

Source: Bloomberg

Gold ended the week marginally lower…

Source: Bloomberg

Crude oil prices exploded higher this week – the best week since Oct 2022…

Source: Bloomberg

Finally, USA sovereign risk refuses to drop… despite ‘Goldilocks’…

Source: Bloomberg

Something’s going on under the hood.