STX Remains Compelling Beta Exposure, Miners to Outperform in Lower Rate Environment
Rate Expectations Moving Lower
Last week, we discussed how rate expectations were a barrier to crypto moving higher and that we anticipate continued non-recessionary but soft economic data will help spur flows. Fast forward to this week, and we have seen a cool manufacturing PMI, a soft JOLTS report, and a services PMI in which the price component was below market expectations. The remaining important data for this week includes non-farm payrolls and the unemployment rate on Friday.
There is clearly a new impulse of demand in this Goldilocks (slowing but non-recessionary economy plus di...Finish reading this report for free
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