Risk Assets Surge, Block to Begin DCA'ing Bitcoin
May 3, 2024
Market Update As outlined in this week’s Core Strategy note, our “Buy in May” thesis was kept intact following the Fed’s announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morning’s non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly fell below 4.5% and risk assets are surging with the $SPY and $QQQ gaining 1.23%, and 1.99%, also getting help from Apple’s 7% gain following
