📈Ithaca Protocol Market Update

► Rate selloff continues; 30-year JGB at a 30-year high (what a dream for macro traders everywhere, the widowmaker delivers 30 years after first being proposed) with a botched 20-year auction causing a 15 bp selloff.

► Dutch Pension Reform opt-out vote failure is another catalyst, the biggest DV01 receiver over the last 20 years slowly having his firepower reduced (MOVE still not reacting).

► Brent barely responding to Israel-Iran headlines; one Trump policy pillar feels safe (famous last words).

► EPA SA, a French real estate site, pivots to an ‘Ethereum reserve company’ and its stock rises 8x in 2 days; even among tradfi memes, Ethereum is showing some oomph.

► Hong Kong IPOs are performing better than the overall market.

► RBA (Australia) cuts rates to a 2-year low.