Just kidding about the whole ‘Martial Law’ thing…
December 4, 2024
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–Early headline: URGENT: South Korean president declares emergency martial law, accusing opposition of anti-state activities South Korean President Yoon Suk Yeol declared an “emergency martial law,” Tuesday accusing the country’s opposition of controlling the parliament, sympathizing with North Korea and paralyzing the government with anti-state activities.
–UST went slightly bid but reverted lower as the martial law gambit quickly reversed. Curve was steeper by end of day. 2y yield fell 2.7 to 4.173% while tens were +3.1 to 4.225. From ending Monday slightly inverted, 2/10 finished Tuesday at +5.2 bps.
–JOLTS stronger than expected at 7744k. ADP today expected 150k from 233k ISM Services expected 55.7 from 56.0. Factory Orders and Durables as well. Beige Book in the afternoon.
–SFRZ4 9556.25/9568.75cs covered 9558 with 44d, 40k sold at 5.0. Appears exit settled 5.5 vs 59.
–Interesting post on X: THE NUMBER OF HOUSES FOR SALE IN FLORIDA JUST SKYROCKETED AND HAVE NEARLY DOUBLED IN THE PAST YEAR MANY OF THESE HOMES ARE AIRBNB RENTALS WITH OWNERS WHO ARE ABOUT TO DECLARE BANKRUPTCY DUE TO UNBEARABLE LOANS
https://twitter.com/MrMikeInvesting/status/1864107510132580787
