Stop Me If You Think You’ve Heard This One Before...
Rates are still going up. Ten-year Treasury yields reached yet another round number of sorts as October trading got under way, touching 4.7% for the first time since 2007.
In currencies, the US dollar continued its recent rampaging strength
As for the stock market, the divide between the haves and the have-nots widened,
Englund: The Fangs and The rest (englundmacro.blogspot.com)
Others, however, suggest that the case for the bond market has become compelling.
Yes, this is a difficult place. It’s unwise to take a strong position in any direction
Luxury stocks were widely seen as Europe’s equivalent of the US tech sector given their growth rate, which helped propel Bernard Arnault of LVMH to a fortune of $183 billion, making him the world’s richest man by some accounts.
But a flip occurred in the third quarter, intensifying toward the end of September.
John Authers Bloomberg 3 October 2023
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