Everything’s Suddenly Puking… Except Bonds

It’s unclear what the catalyst for this leg lower is – US macro data was mixed at best with labor signals better while manufacturing was weaker and surveys confused – but markets are puking after an early bid…

Stocks have erased all of the late-day panic-bid in stocks yesterday and more…

Crude is getting clubbed like a baby seal…

Gold is tanking, unable to hold $1700…

Ethereum plunged at the same time…

Notably, some early weakness was seen when the Chinese Yuan broke above 7/USD…

And while rate-hike expectations continue to rise…

…Treasury yields are not ‘suddenly’ stressed like the rest of the market (with all the selling coming during the Asian hours)…

Perhaps the overnight rise in yields was the last straw for long-duration assets?