Global bond index, up 9.5% in the past 2 months, marks the best gain in history, surpassing December 2008. Market futures show an additional 150 basis points in rate cut expectations since November 1st.
Unprecedentedly, markets project 6 interest rate cuts in just 2 months. Bond markets erase all 2023 losses in 7 weeks.
Describing this as a "Fed pivot" is an understatement.
The risk for crypto and other markets lies in increased volatility, potentially impacting prices.
