Macro Markets Show Weakness, Putting Pressure on the US Economy to Slow Down🤔
More of the same in macro markets yesterday, with prices holding up despite more data points suggesting a more pronounced slowdown in the US economy in the near future. US initial claims rebounded 13k to 231k last week, the highest levels since August. Similarly, continuing claims also rose for the 8th straight week, to the highest levels since Nov 2021 as signs of a labour market cooldown continues.Other data points were similarly weak with US industrial production falling by -0.6% in October, the weakest print in almost a year, with drops in capacity utilization, manufacturing production, as well as vehicle sales. The NAHB housing index also fell -6 points to 34 in November, marking a 4th straight decline, and also the lowest print since last November.
#MacroMarkets #USEconomy #InitialClaims #IndustrialProduction #HousingMarket

US 30-Year Bond Auction Falters Amid ICBC Cyberattack Impact on Macro Markets👀
Now back on our regular scheduled programming, macro markets certainly don't make it easy do they?A low-volume, quiet-moving day was punctured by yet another terrible 30yr bond auction just as the market was starting to subscribe to the dovish pivot narrative. US treasuries yields jumped by 20bp in the long-end, with issues actually started late Wednesday as ICBC, China's largest bank by assets held, was hit by a cyberattack which prevented it from clearing large volumes of trades and forcing clients to reroute transactions last minute. The clearing issues prevented market makers from temporarily trading with customers that cleared through ICBC, and thereby likely eliminating a large subset of investors from trading, which likely added to the volatility behind today's poor auction results.
#MacroMarkets #ICBC #CyberAttack #TradeClearing #MarketVolatility