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Treasuries slump, Goldman reports and oil hits highest since 2014.Yields rise againU.S. bond trading picked up after the long weekend with r [View in browser]( [Bloomberg]( Treasuries slump, Goldman reports and oil hits highest since 2014. Yields rise again U.S. bond trading picked up after the long weekend with renewed selling pushing the [2-year Treasury yield above 1%]( for the first time since 2020. The drivers of the move continue to be [the consensus]( on four Federal Reserve rate hikes this year and worries about the persistence of [high inflation](. Strategists are also becoming increasingly concerned about the prospect of an early start to the reduction in the size of the Fed’s balance sheet, with a significant withdrawal of liquidity seen as having a [negative impact on asset prices](. Earnings Goldman Sachs Group Inc. reports earnings before the bell, with investors focused on whether the bank can continue the growth in investment-banking fees. Even after the [disappointing results]( last week from JPMorgan Chase & Co., and [Citigroup Inc.](, [expectations remain high](. Elsewhere in banking news, the [surprise exit]( of Credit Suisse Chairman Antonio Horta-Osorio has apparently left workers at the institution [unfazed](. Crude rally International benchmark Brent crude hit the highest level since 2014, briefly trading [above $88 a barrel]( this morning. West Texas Intermediate also rallied. The move is being driven on the demand side by expectations of [post-pandemic growth]( while concerns remain on the supply side with some OPEC+ members [struggling to meet their quotas](. Rising tensions in the Persian Gulf are also adding to [supply worries](. Bridgewater Associates founder Ray Dalio warned that a [too-rapid transition]( away from fossil fuels due to environmental concerns could lead to soaring inflation. Markets drop Once again the surge in bond yields is putting growth stocks under pressure with tech names in Europe and the U.S. leading losses. Overnight the MSCI Asia Pacific Index slipped 0.6% while Japan’s Topix index closed 0.4% lower. In Europe the Stoxx 600 Index had dropped 1.2% by 5:50 a.m. Eastern Time with energy companies one of the few bright spots in a broad selloff. S&P 500 futures pointed to [lots of red at the open](, the 10-year Treasury yield was at 1.814% and gold was lower. Coming up... Empire manufacturing for January is at 8:30 a.m. The National Association of Home Builders housing market index for January is at 10:00 a.m. TIC flow data for November is at 4:00 p.m. Already busy oil traders will keep an eye on today’s OPEC monthly report. The Bloomberg [Year Ahead conference]( begins. Bank of New York Mellon Corp., PNC Financial Services Group Inc., and Interactive Brokers Group Inc. also report earnings today. What we've been reading Here's what caught our eye over the weekend. - Odd Lots: Paul McNamara on the [problem with Turkey](, and the attempt to save the lira. - Shipping companies had a [$150 billion year](. Economists warn they’re also stoking inflation. - The BOE’s next move is about more than an [interest rate hike](. - Bitcoin [options shift]( has some bulls calling $40,000 the bottom. - PBOC says market forces and policy will help [correct any yuan moves](. - 555.55-carat [space diamond](. - Shock waves, landslides may have caused “rare” [volcano tsunami](. And finally, here’s what Joe’s interested in this morning One of the core ideas in crypto -- whether we're talking about specific coins, NFTs, or DAOs trying to buy the constitution -- is the power of the meme. From Doge to Apes to "digital gold," we're in a golden age of meme monetization. A good meme though isn't enough. Over the past several days, we've seen the implosion of Ohm or OlympusDAO, the project that made the (3, 3) meme famous. [I wrote about the plunge a week ago](, and since then it's collapsed even further. Here's a chart via [CoinGecko](. It's not really worth getting into the mechanics of how this coin worked. But the (3, 3) meme really was phenomenal -- one of the best ones out there. The numbers represent the corner of the payoff matrix where everyone wins by cooperating, and it's all over the place. It's seen numerous permutations, and variations, which is a characteristic of all the best memes. But the meme hasn't been enough to maintain the value of the coin. [Again, the details you can read about here](. The problem with a coin whose main premise is that everyone cooperates is that sometimes people don't cooperate, and then things really start to go downhill. This below comment seen in the OlympusDAO discord gets it, and honestly, it applies to all kinds of meme assets (not just coins, but also meme and hypergrowth stocks). It's fun to have diamond hands, or to pretend you do, but on the way down, the temptation to cash out and get *something* grows and grows, and nobody wants to be the very last one holding the bag. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](