Quite the juxtaposition of absurdities

Volatility Picks Up Across Asset Classes as the Debt Ceiling Resoluton Approaches the 9th Inning open.substack.com/pub/themarketr…

Cathie Wood explaining away her selling NVDA at the lows by saying “were moving to new companies that no one has heard of..” 🧐😅

Wall Street was correct all along. June 1 is NOT the x-date. Crossing now *YELLEN ESTIMATES DEBT-LIMIT MEASURES WILL RUN OUT BY JUNE 5 ---- Also: *TREASURY CASH PILE DROPPED TO $38.8B THURSDAY, LEAST SINCE 2017 *US HAS JUST $67B OF EXTRAORDINARY MEASURES LEFT UNDER DEBT-CAP

With $NVDA up 5% pre-market, interesting note from Tier1 Alpha this morning that despite the massive surge in price, NVDA equity appears to be undergoing a large distribution:

$SPX $HBAR $URNM $NDX themarketrundown.substack.com/p/equities-bon…

Inflation in the UK has unanchored from the rest of DMs. Brexit does not get enough of the blame, having reduced the UK's potential GDP growth rate by a third (see purple on chart below). Without EU migrants, UK is hitting capacity constraints much faster. Price of populism.

Bill Bishop my impression is that this is the single thing that people in crypto complain about most, VCs getting discounted tokens from projects and then pumping and blowing out to retail.

In 2022 it seemed much of Fed’s reaction function revolved around tightening/loosening FCI, esp pertaining to equity prices. This year, that doesn’t seem the case. Why is that? If equities run 44-4500 does Fed recalibrate? Andy Constan Bob Elliott

Nasdaq vs. 10-year yield (inverted) One of them is lying. Since the market peaked, Nasdaq has been significantly impacted by the increase in interest rates. Despite the continuous upward movement in 10-year yields, this correlation has been disrupted by the euphoria

It is some strange dissonance to pause this meeting yet have the dot plot indicate a higher terminal rate. How does that make sense?

themarketrundown.substack.com/p/everyone-is-…

Interesting bit from Tier1 this morning:

Great chart from Nomura | "the Fed is seemingly back in the business of blowing the inequality bubble as holders of assets win and low-end roasts (see NVDIA vs Dollar General chart below)"

Sticking inflation->higher yields->more bank pressure/failures->more QE/not QE but fed put->higher equities. Am I doing this right?

themarketrundown.substack.com/p/hyperfinanci…

It’s increasingly obvious that this bull market bubble is not so much about all the spurious narratives flying around (AI, resilient growth, goldilocks, etc…) as much as it is a sovereign bubble. Yellen is clearly micro-managing liquidity at a cost to US taxpayers to avoid