Oddbean new post about login | logout "Markets can remain irrational longer than you can remain solvent" is a phrase that has led to a level of such complacency in markets that people don't know how to react to markets that are now acting irrational. https://tftc.io/martys-bent/the-fiat-endgame-is-chaos/
Dollar is "failing upwards". That's the basis of all this. The last gasp of the reserve currency as sovereigns etc scramble to find dollars to pay dollar loans that now require more dollars to service as rates rise. Oil rising is due to price caps which always end in shortages and price rises. Real rates are (temporarily) rising putting headwinds on gold and bitcoin. End of empire playing out as advertised.