Profit Taking Pre Powell

Credit Card Use Way up in November

It was a nice overnight and early NY risk on party, but the rally in equities was hit with a round of profit taking around lunch time. Maybe it was the X class solar flare disrupting all the fun, if you don’t know what an X class solar flare is, well, better get on board and brush up on the electromagnetic universe!

Also the US government bond market reversed a bit of the steepening that occurred early on which saw the front end of the market well bid. However late afternoon also saw profit taking as well, but yields still down across the board, but much less steep:

US Govt 10Y and 5Y both losing about 2 ticks vs the 30Y in the last hour alone.