...yes, speculative exuberance when into overdrive.
...and we should ask, what has really changed the past 5 months? The markets thought we were getting 6x rate cuts and that the Fed pivot would come in March. March has come and gone, and now market narrative even going to extent of suggesting no cuts this year and best outcome is for 2x rate cuts.
...as this thread mentioned many times, the markets simply didn't care anymore about the Fed pivot.
Even when the Israel-Iran exchange of fire occurred, there was fear but it was relatively controlled, the markets less worried than at any points in the past.
...the belief is strong and because the market knows no fear, that is when we ought to be more fearful.
“The last time the US 10-year yield was above 4.6%: the S&P 500 was at 4407, 13% lower than today BTC was at $39,900 almost 40% down from the current level. Something feels off.”
