Digital value
January 9, 2024
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–Yields a bit lower yesterday, tens fell 4.4 bps to end just under 4%.
–News today includes NFIB Small Business Optimism expected 91 from 90.6. Trade balance. 3 year auction. 10s and 30s Wed and Thursday. CPI Thursday.
–New all-time high NVDA, up 6.4%. Bitcoin future soared over $3k, now over $47k. CLG4 was down just over $3/bbl to 70.77 at settlement. From Kobeissi letter: Since this morning [Jan 8], the S&P 500 has added ~$500 billion in market cap.
–Consumer Credit released yesterday for Nov was up $23.7 billion, with the total surpassing $5t for the first time. In comparison Home Mortgage Debt is around $13t. Revolving was up $19.1b at a blistering 17.7% annualized pace. A bit odd in a world of 22% credit card rates. Somehow I don’t think the credit card users are the same ones that own NVDA and bitcoin.
