Under the radar: the US 2-year Treasury yield jumped +18 bp in a single day to 4.75%.
→ The biggest daily move in a year, ~5x a normal day
→ The Fed's reverse repo (RRP) facility is down to $152M, from $2.55T at the end of 2022
I think while everyone's watching Nvidia, the real signal is in short-term rates; Fed rate-cut expectations are being pulled back.
Worst case: if the 2-year breaks above its 4.93% peak at Thursday's open, the stock rebound gets tested by rates; I'm watching that level closely.
#Economy
Watching: $NVDA
→ The biggest daily move in a year, ~5x a normal day
→ The Fed's reverse repo (RRP) facility is down to $152M, from $2.55T at the end of 2022
I think while everyone's watching Nvidia, the real signal is in short-term rates; Fed rate-cut expectations are being pulled back.
Worst case: if the 2-year breaks above its 4.93% peak at Thursday's open, the stock rebound gets tested by rates; I'm watching that level closely.
#Economy
Watching: $NVDA
