Intervention Watch: Bear Steepening & Dollar Rally Has Central Banks On Edge
It’s the second day of Q4 for markets, and the leaves have begun to turn from green into bright autumn reds, yellows, and oranges here in New England.
While we ring in the fall season Stateside, all around the world, nations’ central banks are hunkering down and readying their phone-dialing fingers: the raging US dollar is wreaking havoc on global markets, and The Bitcoin Layer is officially on intervention watch.
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In the intricate dance of economic indicators, the ISM manufacturing report stands atop the heap as one of the most important bellwethers. All 3 of its components—prices paid, employment, and new orders—expanded in the month of August, the most recent data set. Surveys like these, at the heart of economic activity, are painting a clear picture that while conditions are tighter, they haven’t become dire yet:
The unprecedented, breathtaking spike in US Treasury yields continues. Off the back of a US government shutdown being averted, via yet another spending package, investors continue to sell US Treasuries on net, sending the value of the world’s collateral down and its shared borrowing costs ever-higher. Welcome to October, it’s well and truly spooky season in the US Treasury market:
