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China’s Two Session’s culminates in a 5% growth target for the year, lower than some economists predicted. Two days of FED testimony sent rate expectations higher. We end of the week off with a government takeover of Silicon Valley bank, which becomes the second largest bank failure in US history. This overshadows a second set of hot jobs data, with Nonfarm Payrolls coming in at 311K vs 205K consensus.
We see lower equity markets but a rally in bonds. Commodity prices down in tangent with equity move.
USD rolls over again ex the USDMXN.
Gold creates new recent high.
Yield curve inversion steepens.
Spreads move higher.