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US inflation rose to 6.2% in October. This is the highest level for more than three decades. More worryingly, it seems less and less transitory.
The surge in US inflation and yields have deteriorated the mood in the stock markets. The Nasdaq of course paid the highest price among the three major US indices. But overall, compared to the inflationary shock, this is not a dramatic drop. And activity on US equity futures has been positive in Asia, Nasdaq futures are up 0.22% at time of writing, hinting that the changing mood in the market will likely be transient, unlike inflation …
Goldman advises buying the 5-year-over-5-year break-even points betting that inflation will accelerate and the Fed won’t do anything drastic to tame inflationary pressures, but people actually prefer to rush to Bitcoin, like new-age inflation hedge. As such, Bitcoin hit a new high yesterday, before easing.
I’m not saying Bitcoin isn’t a good hedge against inflation, I’m saying we don’t have enough data on hand to prove it. So why are people rushing to Bitcoin?
Despite a limited appetite for risk, Rivian got off to a good start at Nasdaq. The company has sold 156 cars to date and has only been public for a day, but is already worth more than GM and Ford. Why?!
