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Protests in China over covid policies signal to markets that stronger covid easing messaging from the CCP more likely. Latter half of week dominated by banker speeches and US economic releases. Powell speech Wednesday squeezed markets higher as pivot hopes continue. ADP jobs also painted a much weaker labor market then expected. Thursday income and spending measures come in above expectations, and by Friday markets sag back down on hot Nonfarm Payrolls data.
October risk rally continues strong as we head into December.
Peak dollar narrative continues to build.
Commodities tend to come down ex metals.
Job postings finds a bottom as enter a seasonal hiring period.
US Treasury curve inverts further. 3mo – 10 yr spread nearly a full percentage point inverted now.