It feels like we are stuck on a carousel that just keeps going around and around. For the past two months, we have seen headlines about a deal between the US and Iran to end the fighting. The odd part is that the deal is supposedly meant to extend the two-week ceasefire, which began on April 8 and is now 50 days old, by another 60 days. It is not entirely clear to me why a new deal is needed to do that.
In any event, news that a deal may be coming once again sent the higher by 58 basis points, while the fell below 16. To be honest, it is also starting to interfere with my Treasury settlement calendar work. The index finished about 10 basis points above its average gain of 48 basis points on positive days.
behaved largely as expected, though it fell about 2% around midday and is currently down roughly 1% on the day. While I do not believe Bitcoin has much intrinsic value, it does appear to provide a useful pulse on liquidity conditions. For that reason alone, it is worth watching.
The highly liquidity-sensitive private equity ETF, , also finished the day lower, adding to the evidence that some of the market’s more liquidity-dependent areas remain under pressure despite the broader market’s gains.
I have nothing else for today. The news cycle has worn me out, and, to be honest, I have a lot of other things I need to finish before month-end.
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