7 cuts priced in for 2024 / SPX : gamma squeeze, ODTE / UST 30y <4% / #USDJPY

FED pricing : we now have nearly -7- cuts priced in for 2024, market even pricing in 5bps for Feb meeting, that's hitting the 'markets going too far indicator'
US Conf Board consumer confidence Dec: 110.7 (est 104.5; prevR 101.0) - Conf Board Present Situation Dec: 148.5 (prev 138.2) - Conf Board Expectations Dec: 85.6 (prev 77.8) >>> best since July
Philadelphia Fed's Harker on Wed said he still opposes any further U.S. central bank interest rate hikes, while signaling openness to lowering short-term borrowing costs, albeit not imminently
Xi warned Biden during summit that Beijing will reunify Taiwan with China. The Chinese leader's message in San Francisco got the attention of U.S. officials because it was delivered at a meeting that was intended to reduce tensions. How to cure China’s declining consumer prices divides opinion as deflation signs deepen
Macron insists new law will fix France’s festering ‘immigration problem’. The French president denies the landmark legislation is an 'ideological victory' for Marine Le Pen's National Rally
China reportedly suspends US$6.5 billion currency swap agreement with Argentina
FedEx : recession warning?: “U.S. package volume was down 3.5% in the November quarter, on a down 15.1% year-ago comp. In other words, the two-year volume trend is deeply negative, and worse than last quarter. So much for improving box demand...”
US and UK tighten enforcement of Russian oil price cap
UK's Hunt to sign financial services agreement with Switzerland

Markets :

30y UST closed below 4% for the first time since July, 10's 3.85% >> 7 cuts priced in for '24
Commodities - funds are most underweight for a very long time, like over 6years
SPX500 dips 1.5% as VIX options expiries are hit by some big daily ODTE options buying, gamma squeeze on the day, that's all, below 4650 and VIX 15+ say and it may look diff into year-end !
USDJPY, CROSSJPY's looks set for a move down again sooner or later, particularly with global yields staying low(er), CHF looks to close strong(er) into year-end, bar any new developments from SNB
GOLD, XPT, XAG etc been fairly steady/higher, momentum building for a break up
EU HY prices widest vs US since 2009 >>> this is what FI markets watching going into 2024
Over next few days, beware if whatever is overly owned, liquidity gaps, Algo's will push for weak side of things very quickly, as demonstrated last night (SPX-US equities)