The US economic picture continues to look precarious, as leading indicators extended their record-long streak of sequential declines and existing home sales cratered to new 13-year lows – but as the Wall Street Journal suggests, you can always consider selling your kidney if times get tight.
Markets decisively reversed course from mid-October woes this week, as the latest CPI reading ignited a short squeeze that sent stock indices back near YTD highs.
We fully expect the excesses and fragilities of late-stage fiat to compound further over the coming decade.
Meanwhile, bitcoin put up another strong showing, gaining another ~15% after last week’s +10% move (which also coincided with a broad selloff in traditional markets).
After some temporary relief, yields on sovereign debt spiked again this week, with the 10-year US Treasury rising nearly 40bps W/W to break 5% for the first time since 2007 before retracing slightly on Friday afternoon.
Jonathan Kirkwood is a cofounder and managing member of Ten31, a venture capital firm that exclusively invests in the bitcoin ecosystem.
Two very different approaches characterize our current moment in monetary evolution: FedNow and bitcoin.
