But I must agree with Carlos' sentiments, most GPs knew exactly what they were doing and the risks they were taking with other people's money.

With the year coming to an end, I think it's important to emphasize the sentiment shift from speculative to hard, real, tangible assets and commodities. 

However, the upside surprise in GDP has shifted sentiment toward a “higher-for-longer” stance on rates, even as futures still price in multiple cuts later next year.

.🏗️ Builder Confidence Ticks Higher AgainHome builder sentiment rose to 39 in December, the highest level since April.

Consumer sentiment surveys all showed negative MoM results.

@Chris Seveney I'll respectfully disagree with your sentiment that deferred taxes is not highly valuable.

Mortgage-backed securities followed suit, trading 5-7 ticks higher as rate volatility eased and sentiment improved.

I think some of the discount is sentiment driven and will fade over time as memories get shorter (and ideally less direct hits), but I don’t think flood zones ever fully normalize again.

If you want warm and fuzzy sentiments on outrageous claims then I'm definitely the wrong guy to talk to.

Global data, including China’s industrial output and retail sales along with Eurozone CPI, will influence risk sentiment.