There’s A “Crisis Brewing”: Powell & Piss-Poor Auction Spark Chaos In Credit Markets, Crypto Soars | ZeroHedge
Well that was a day… Almost time to trot out the ‘deer in headlights’…
A double-whammy of a 30Y TSY auction bloodbath and Powell’s considerably more hawkish-than-expected tone prompted bonds and stocks to be clubbed like a baby seal as the dollar soared…
Did Powell finally notice that his words at the FOMC about how the market is tightening financial conditions for them prompted a dramatic easing of financial conditions…
A bad auction means that buyers don’t want the paper that the US Treasury is selling. For much of this new debt, the Fed ends up being the purchaser. Good for bitcoin though. Somebody needs to ask Herr Doktor Professor Krugman what he thinks. Inflation still a worry. Time to check on your ammunition stores.