hit +255,000, which I initially thought was the highest in the past year. However, Rick Santelli pointed out that +258,000 was the actual peak, as shown in the Federal Reserve Economic Database graph below.
I’ve always thought it was the perfect economic data point print for the above reasons, but most economists seem to brush it off.
The last time that the high-yield credit spread average was over 400 , was the week of November 11 ’23 when the spread hit +408. That was 9 months ago.This blog has always worked with a pretty good technician – Gary Morrow found over at X – , and thinks the gap down on the major equity equity indices on Monday morning will remain heavy, and that the various bond market asset classes may not trade back to the Monday morning, August 5th high prices for a while.
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