705742? Bitcoin Hits 63983 As US Treasury Curve Steepens (As Mortgage Rates Rise?)

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I have no idea why Jack Dorsey tweeted “705742.” But I do know that Bitcoin hit 63,982.92 this morning as the US 10Y-3M curve has been steepening.

See also Biden’s Mortgage Market Bad Wine Hangover! Mortgage Purchase Demand Down -42.4% Since 04/16/21 (Mortgage Demand Down -5.7% Since Last Week, Mortgage Purchase Demand Down -26% YoY, Mortgage Refi Demand Down -43% YoY)

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Since the 3-month Treasury yield has been repressed to near zero, the 10Y-3M curve is pointing to rising 10-year yields. Which likely means that 30-year mortgage rates will be rising too.

See also Life During Biden! Mortgage Rates UP 140%, Core Inflation UP 291% Under Unaffordable Joe (Fed Pausing Rate Hikes Even As Prices Continue To Soar)

Every time I see a photo of Jack Dorsey I think of Brooklyn Nets guard James “The Beard” Hardin.

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