Jobless claims not good, housing data bad, Philly Fed ugly... and that meant the US macro surprise index plunged to early-2019 lows... near the lowest level since 2016... {chart} Source: Bloomberg. But that 'bad news' had no (good news) influence on rate-cut expectations (which worsened marginally).... {chart} Source: Bloomberg. Treasury yields ended the day marginally higher after recovering from the spike early on after claims data... {chart} Source: Bloomberg. That 'bad news' was also bad news for the momo names too as The Dow dramatically outperformed the rest of the majors today (the only index positive) with ... (full story)