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'Twas The Hike Before Christmas

“Christmas at my house is always at least six or seven times more pleasant than anywhere else. We start drinking early. And while everyone else is seeing only one Santa Claus, we’ll be seeing six or seven."

– W.C. Fields.

‘Twas the hike before Christmas, and all over the shopShort end traders were waiting for prices to drop.Bloomberg and Reuters, the FT all thereTo capture the moment – if Yellen would dare.

 

Citi "Resizes Infrastructure" Post Fed Rate Hike - Slashes 2,000 Jobs

Perhaps in a recognition of the collapsing yield curve, and for sure in the face of the mainstream's bullish narrative on US banks in a post-rate-hike paradigm, Citi has announced plans to cut at least 2,000 jobs starting next month. Despite exuberance over higher rates, it appears Citi's CEO Michael Corbat wants to restructure some of the bank’s businesses.

The Regressive Fed

Via Kessler Companies,

In a move that defines the word 'irony' better than the dictionary does, the Federal Reserve raised rates just five hours after their own Industrial Production series was released showing an almost certain entry into a US recession (see chart below).

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