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Copper, Crude, & The Yield Curve Crumble As Fed Flops, Virus Death-Count Pops
01-29-2020, 05:25 PM,
#1
Copper, Crude, & The Yield Curve Crumble As Fed Flops, Virus Death-Count Pops
Copper, Crude, & The Yield Curve Crumble As Fed Flops, Virus Death-Count Pops

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Copper, Crude, & The Yield Curve Crumble As Fed Flops, Virus Death-Count Pops</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><strong>Stocks remain unfazed as coronavirus deaths and cases are exploding higher...</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-27_17-28-07_0.jpg?itok=-QyPC2zP" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-27_17-28-07_0.jpg?itok=-QyPC2zP"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-27_17-28-07_0.jpg?itok=70BY7uM0 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-27_17-28-07_0.jpg?itok=70BY7uM0 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-27_17-28-07_0.jpg?itok=70BY7uM0 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=70BY7uM0 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-27_17-28-07_0.jpg?itok=70BY7uM0 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2020-01-27_17-28-07_0.jpg?itok=-QyPC2zP 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0dc262e2-539e-4963-9102-9f16afdf3039" data-responsive-image-style="inline_images" height="815" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-27_17-28-07_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><strong>Hope has screamed higher since The Fed started expanding its balance sheet</strong> but 'hard' actual economic data has collapse...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm296E.jpg?itok=93G-qyA_" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm296E.jpg?itok=93G-qyA_"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm296E.jpg?itok=0cri24Y6 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm296E.jpg?itok=0cri24Y6 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm296E.jpg?itok=0cri24Y6 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=0cri24Y6 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm296E.jpg?itok=0cri24Y6 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm296E.jpg?itok=93G-qyA_ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="4ab420c6-64ca-498e-bd3e-03dea3acefb9" data-responsive-image-style="inline_images" height="263" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm296E.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p><strong>But stocks are "Not A Bubble"...</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm904C.jpg?itok=O3JhE8DQ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm904C.jpg?itok=O3JhE8DQ"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm904C.jpg?itok=SKRp2mUK 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm904C.jpg?itok=SKRp2mUK 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm904C.jpg?itok=SKRp2mUK 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=SKRp2mUK 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm904C.jpg?itok=SKRp2mUK 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm904C.jpg?itok=O3JhE8DQ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="d3184059-f346-4dcf-9617-21bcc67165c7" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm904C.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p><strong><em>"All Clear?"</em></strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/5NNOrp_83RU" width="560"></iframe></p>

<p>China cash markets remain closed but futures are desperately trying to stabilize around 11-13% below last week highs...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm86BC_0.jpg?itok=tTKJNWSx" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm86BC_0.jpg?itok=tTKJNWSx"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm86BC_0.jpg?itok=1E-dlXoA 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm86BC_0.jpg?itok=1E-dlXoA 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm86BC_0.jpg?itok=1E-dlXoA 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=1E-dlXoA 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm86BC_0.jpg?itok=1E-dlXoA 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm86BC_0.jpg?itok=tTKJNWSx 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="06c7ac0f-f9ec-4e9a-a1b0-45479329529a" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm86BC_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>European stocks rallied modestly today, extending yesterday's gains. Italy remains the only market in the green on the week with Germany weakest...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9267.jpg?itok=SqNe_QXV" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9267.jpg?itok=SqNe_QXV"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9267.jpg?itok=7vZZhMHm 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9267.jpg?itok=7vZZhMHm 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9267.jpg?itok=7vZZhMHm 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=7vZZhMHm 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9267.jpg?itok=7vZZhMHm 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm9267.jpg?itok=SqNe_QXV 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="6fb601d9-65d9-49b3-be44-d3df5828ec26" data-responsive-image-style="inline_images" height="264" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm9267.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Mixed picture in US market today with Trannies best, Dow managing tiny gains (thanks to AAPL and BA), Nasdaq barely green, and Small Caps and the S&P red...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-29_13-01-43.jpg?itok=bYV5ukJ3" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-29_13-01-43.jpg?itok=bYV5ukJ3"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_13-01-43.jpg?itok=JqYw7FKZ 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_13-01-43.jpg?itok=JqYw7FKZ 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_13-01-43.jpg?itok=JqYw7FKZ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=JqYw7FKZ 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_13-01-43.jpg?itok=JqYw7FKZ 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2020-01-29_13-01-43.jpg?itok=bYV5ukJ3 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="23ff7b79-095c-42b7-86f5-c8eff0cb1b61" data-responsive-image-style="inline_images" height="293" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-29_13-01-43.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Banks did not like what Jay Powell was selling today...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm3090.jpg?itok=UgKXtEfx" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm3090.jpg?itok=UgKXtEfx"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3090.jpg?itok=VeG33JIV 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3090.jpg?itok=VeG33JIV 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3090.jpg?itok=VeG33JIV 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=VeG33JIV 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3090.jpg?itok=VeG33JIV 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm3090.jpg?itok=UgKXtEfx 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="594be228-1a6e-43fb-b92b-b34ea45d6f45" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm3090.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Equity and credit protection costs jumped today and remain notably elevated from last week...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm7B21_0.jpg?itok=QFg2y9OI" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm7B21_0.jpg?itok=QFg2y9OI"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7B21_0.jpg?itok=hnEf6G0R 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7B21_0.jpg?itok=hnEf6G0R 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7B21_0.jpg?itok=hnEf6G0R 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=hnEf6G0R 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm7B21_0.jpg?itok=hnEf6G0R 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm7B21_0.jpg?itok=QFg2y9OI 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="e535d176-d968-45f2-b137-83e648e2687d" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm7B21_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Meanwhile, options positioning is signaling a likely rise in vol is imminent...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-29_10-50-07.jpg?itok=NRF015ST" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-29_10-50-07.jpg?itok=NRF015ST"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_10-50-07.jpg?itok=KG0nQhC4 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_10-50-07.jpg?itok=KG0nQhC4 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_10-50-07.jpg?itok=KG0nQhC4 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=KG0nQhC4 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_10-50-07.jpg?itok=KG0nQhC4 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2020-01-29_10-50-07.jpg?itok=NRF015ST 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="d6791727-250a-469f-aaee-92c81624b76c" data-responsive-image-style="inline_images" height="265" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-29_10-50-07.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Both bonds and stocks were bid today - widening the divergence between the two once again...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmD8E7.jpg?itok=-oBptsh0" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmD8E7.jpg?itok=-oBptsh0"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD8E7.jpg?itok=doYH4zqi 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD8E7.jpg?itok=doYH4zqi 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD8E7.jpg?itok=doYH4zqi 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=doYH4zqi 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD8E7.jpg?itok=doYH4zqi 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmD8E7.jpg?itok=-oBptsh0 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="7047e869-b4bb-44c5-8fd9-4e0b272013f0" data-responsive-image-style="inline_images" height="276" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmD8E7.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Treasury yields plunged today almost uniformly down 7bps across the curve... (2Y -5bps)</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9FCD.jpg?itok=sDQgb_kF" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9FCD.jpg?itok=sDQgb_kF"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9FCD.jpg?itok=cjnn652_ 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9FCD.jpg?itok=cjnn652_ 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9FCD.jpg?itok=cjnn652_ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=cjnn652_ 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9FCD.jpg?itok=cjnn652_ 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm9FCD.jpg?itok=sDQgb_kF 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="7de0461c-962c-4e07-b5a5-1743b417aa28" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm9FCD.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>30Y Yields closed at their lowest since October 8th...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm156E.jpg?itok=s0nuw2wp" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm156E.jpg?itok=s0nuw2wp"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm156E.jpg?itok=w8rl_Z6i 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm156E.jpg?itok=w8rl_Z6i 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm156E.jpg?itok=w8rl_Z6i 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=w8rl_Z6i 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm156E.jpg?itok=w8rl_Z6i 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm156E.jpg?itok=s0nuw2wp 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="ae235e1b-3abb-49f8-ad76-7c2eac7cfeaf" data-responsive-image-style="inline_images" height="258" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm156E.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>The yield curve is pushing back closer to inversion in the key 3s10s spread...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmEFB7.jpg?itok=JdIWUBiS" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmEFB7.jpg?itok=JdIWUBiS"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmEFB7.jpg?itok=FO8r2z8q 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmEFB7.jpg?itok=FO8r2z8q 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmEFB7.jpg?itok=FO8r2z8q 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=FO8r2z8q 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmEFB7.jpg?itok=FO8r2z8q 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmEFB7.jpg?itok=JdIWUBiS 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="779ef625-7935-4a32-aff0-b2db9e1362b0" data-responsive-image-style="inline_images" height="263" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmEFB7.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>But a lot of the belly of the curve is inverted...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm10A9_0.jpg?itok=0mDv8Xzd" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm10A9_0.jpg?itok=0mDv8Xzd"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm10A9_0.jpg?itok=r0ocBXMh 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm10A9_0.jpg?itok=r0ocBXMh 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm10A9_0.jpg?itok=r0ocBXMh 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=r0ocBXMh 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm10A9_0.jpg?itok=r0ocBXMh 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm10A9_0.jpg?itok=0mDv8Xzd 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="050e9e05-a04f-41a0-9c40-8a1f6fc44b05" data-responsive-image-style="inline_images" height="264" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm10A9_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>The Dollar round-tripped again today - <strong>the sixth day in a row that dollar-selling hit after Europe closed</strong> - weakenig notably after The Fed...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4BBC.jpg?itok=CspqBa9i" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4BBC.jpg?itok=CspqBa9i"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4BBC.jpg?itok=VEaGEvSX 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4BBC.jpg?itok=VEaGEvSX 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4BBC.jpg?itok=VEaGEvSX 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=VEaGEvSX 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4BBC.jpg?itok=VEaGEvSX 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm4BBC.jpg?itok=CspqBa9i 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="7658f7c4-1eeb-49cb-9eb4-22919439861c" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm4BBC.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Yuan continues to refuse top play along with US equity market's optimism...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm5DC.jpg?itok=WhgYQmI2" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm5DC.jpg?itok=WhgYQmI2"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DC.jpg?itok=CMZN-TXa 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DC.jpg?itok=CMZN-TXa 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DC.jpg?itok=CMZN-TXa 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=CMZN-TXa 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DC.jpg?itok=CMZN-TXa 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm5DC.jpg?itok=WhgYQmI2 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="bd4d7eed-92bb-4b9c-82e7-de3c53c97ee9" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm5DC.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Bitcoin continues to push higher, above $9400 today to its highest in 3 months...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmA5FC.jpg?itok=ysCstV4l" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmA5FC.jpg?itok=ysCstV4l"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA5FC.jpg?itok=Jn7nqYwO 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA5FC.jpg?itok=Jn7nqYwO 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA5FC.jpg?itok=Jn7nqYwO 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Jn7nqYwO 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmA5FC.jpg?itok=Jn7nqYwO 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmA5FC.jpg?itok=ysCstV4l 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="2677523e-bb5c-48ff-be9d-1eb4d7e104e2" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmA5FC.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Commodities were mixed with Crude and Copper sliding (China virus fears) and PMs modestly higher...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm859B.jpg?itok=kf7RIjDd" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm859B.jpg?itok=kf7RIjDd"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm859B.jpg?itok=_HeEiWNK 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm859B.jpg?itok=_HeEiWNK 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm859B.jpg?itok=_HeEiWNK 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=_HeEiWNK 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm859B.jpg?itok=_HeEiWNK 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm859B.jpg?itok=kf7RIjDd 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="8e7c757b-5c9b-46be-a279-71a34c44a233" data-responsive-image-style="inline_images" height="262" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm859B.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Copper down for the 10th straight day...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmFE68.jpg?itok=qGmZJv6K" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmFE68.jpg?itok=qGmZJv6K"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmFE68.jpg?itok=bOitpukd 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmFE68.jpg?itok=bOitpukd 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmFE68.jpg?itok=bOitpukd 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=bOitpukd 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmFE68.jpg?itok=bOitpukd 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmFE68.jpg?itok=qGmZJv6K 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="f985de86-8394-4953-b7fc-36f3bc2a55c4" data-responsive-image-style="inline_images" height="251" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmFE68.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Additionally, Soybean prices tumbled again - hardly a good sign for the phase one deal being completed...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9B8B.jpg?itok=tT-fIPGk" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9B8B.jpg?itok=tT-fIPGk"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9B8B.jpg?itok=BhTAWlv- 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9B8B.jpg?itok=BhTAWlv- 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9B8B.jpg?itok=BhTAWlv- 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...ok=BhTAWlv- 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm9B8B.jpg?itok=BhTAWlv- 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm9B8B.jpg?itok=tT-fIPGk 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3441d355-a052-4ae1-9862-155c5890d07d" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm9B8B.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>WTI tagged a $52 handle today...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-29_12-59-18.jpg?itok=FhGvYiG7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-29_12-59-18.jpg?itok=FhGvYiG7"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_12-59-18.jpg?itok=Cbj2f_IU 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_12-59-18.jpg?itok=Cbj2f_IU 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_12-59-18.jpg?itok=Cbj2f_IU 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Cbj2f_IU 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2020-01-29_12-59-18.jpg?itok=Cbj2f_IU 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2020-01-29_12-59-18.jpg?itok=FhGvYiG7 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="b011c637-2e31-4d24-8426-34e0f3abc44f" data-responsive-image-style="inline_images" height="285" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-29_12-59-18.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Finally, with a h/t to @TaviCosta, <strong>commodity markets are behaving as if an equity selloff is imminent...</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm26C2.jpg?itok=1o4Vu2KD" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm26C2.jpg?itok=1o4Vu2KD"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm26C2.jpg?itok=vFtJ2d7R 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm26C2.jpg?itok=vFtJ2d7R 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm26C2.jpg?itok=vFtJ2d7R 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=vFtJ2d7R 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm26C2.jpg?itok=vFtJ2d7R 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm26C2.jpg?itok=1o4Vu2KD 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3fd36b64-cebe-4308-a341-86bbde234fee" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm26C2.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Traders are increasingly hoping for more rate cuts in 2020 (now pricing in at least 1.6 cuts by year-end)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmE09F.jpg?itok=lPJfwHPX" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmE09F.jpg?itok=lPJfwHPX"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE09F.jpg?itok=7HspuQSF 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE09F.jpg?itok=7HspuQSF 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE09F.jpg?itok=7HspuQSF 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=7HspuQSF 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE09F.jpg?itok=7HspuQSF 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmE09F.jpg?itok=lPJfwHPX 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="874d3f22-038c-4d8b-b0dd-1aed7359d73a" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmE09F.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>
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<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2020-01-29T21:02:34+00:00" class="field field--name-created field--type-created field--label-hidden">Wed, 01/29/2020 - 16:02</span>

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