“Itâ€™s the millennialâ€™s wild west. Like all generations, theyâ€™ve discovered a new frontier, with few rules, seedy saloons, gunfights, corpses. As our earthly unknowns disappear, we find new ones in the ether.Â “
…it’s fair to ask if maybe the CTA crowd had a bad week. Because long Treasurys and short USD wasn’t exactly how one would have wanted to be positioned ahead of the “no apocalypse” risk rally that saw 10Y yields rip 18bps higher off the previous Friday’s lows while the dollar put in one of its best five-day stretches of 2017.
If the crypto crowd wasn’t already incensed enough after a week that saw Bitcoin collapse as much as 30% on signs that China is deadly serious about Beijing’s ongoing shakedown in the space and after Jamie Dimon delivered a truly scathing critique of what he’s calling a “fraud” that’s destined to “blow up,” they can now add the B.I.S. to their list of adversaries.
“Last month, I sued the Justice Department in what I described asÂ perhaps the friendliest lawsuit ever filed against it. Yesterday, I filed an equally friendly suitâ€”this time against the FBI.”