"The Macro Playbook Has Officially Flipped" - Goldman Trader Warns 'Bad News Is Now Bad News'

This morning we suffered a triumvirate of terribleness in macro-data:

• A worse-than-expected surge in jobless claims,

• combined with some seriously ugly US Manufacturing survey data,

• and a big miss for construction spending.

That 'bad news' prompted a dovish response in STIRs markets, sending rate-cut expectations soaring...