Daily Note | October 23, 2024 | Citi Economic Surprise Index, Muni Swaps

For the third day in a row, stocks are down as yields continue to climb.

I do not consider the 50 bps move by the Fed in September as a 'policy mistake.' The Fed needed to cut given the spread between inflation and Fed Funds.

However, the move in long-rates higher since then (from 3.7% to 4.25%) is basically the same playbook as we saw in the first quarte…