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" ... The 10-year yield isn’t rising with ferocity, but continues to chart a path of higher lows, reflecting this gradual improvement of fundamentals. Bitcoin has been floundering after another steady and pronounced 6-month selloff as cryptoknights struggle to make the case for “digital gold” as a necessary store of value in a world where the financial system is not, in fact, going belly-up. Housing in the U.S. remains stable and consumers are spending so much that a popular bearish narrative is that they’re spending too much. ... "