US 2Y Yield
Probably more important to watch than USD but when both show strength & Equities are at resistance usually doesn't bode well for risk assets
Major news in subprime:
U.S. Auto Sales has “temporarily” closed all operations.
Ally dropped their floorplan / inventory line of credit [Unconfirmed]
— Major subprime dealer group w/ nearly 50 locations.
— CEO’s LinkedIn is now deactivated.
Letter from CEO to the employees:
Last time this ended in the market being embarrassingly wrong, refusing to listen to repeated warnings, and then finally getting slapped into reality by Powell’s Jackson hole speech. Funny how market participants never seem to remember how often the market gets it wrong.