With US Treasuries the most oversold since 2007, Bloomberg reports that bonds around the world are headed for their steepest two-week loss in at least 26 years as President-elect Donald Trump sends inflation expectations surging.
The Bloomberg Barclays Global Aggregate Index has fallen 4 percent in the period through Thursday.
The US oil rig count surged by 19 to 471 last week - the biggest weekly rise since July 2015 back to 9-month highs. This is the 22nd weekly rise in the last 24 weeks and is occurring as US crude production is beginning to rise once again.
Tracking lagged WTI prices still...
And US production is on the rise...
WTI prices slipped on the print...
It was just one year ago when the biggest worry for the market - which culminated with a near 10% S&P correction in in early 2016 - was the daily plunge in the Yuan driven by the surging dollar, which in turn prompted China to engage in an unprecedented reserve liquidation (in which it sold both government bonds and equities), leading to a daily selloff in risky assets on days when the Yuan was fixed lower.
Moments after Donald Trump offered the Attorney General spot to senator Jeff Sessions (which he promptly accepted), it was announced that Trump had also picked rep. Mike Pompeo as CIA director, who likewise accepted.
Trump has offered position of CIA director to US Rep Mike Pompeo and Pompeo has accepted -transition official
— Steve Holland (@steveholland1) November 18, 2016
Gold Sell Off On Fed Noise - "Interesting Times" To "Support Gold"
Gold prices in dollar terms came under renewed pressure today testing strong support at the $1,200/oz level. Gold dropped another 1% to near a 6 month low and is set for a second week of falls after the dollar soared again after Federal Reserve Chairwoman Janet Yellen suggested a U.S. interest-rate hike could come “relatively soon.”