After a two-week refreshing break from markets, what strikes us most, when returning to the screens, is not the dismal macro data in China followed by further central bank intervention (see our prior newsletter on that), nor the repricing of US and global interest rates higher, but rather the effect of these developments on equity and crypto markets.

So far, there has been a certain “resilience” in risk assets, even as US short-term rates have been repricing higher (Fed rate cuts now pushed to after June 2024 by rate future markets).

In the past...