Today's topics include still no sign of buyers' fatigue at yesterday's Treasury auction, more on yesterday's inflation release, credit market volume being driven by index trades, the Fed can continue to wait & see, funding the budget deficit, debating de-dollarization, the latest tariff headlines, and tracking tariffs
Month-over-month headline inflation came in lower than expected for the fourth month in a row. Surprisingly, some categories of goods actually declined in price in May. This runs counter to the belief that tariffs would start to push inflation higher.
Today's topics include what everyone thinks about long bonds, progress in the U.S.- China negotiations, size matters for 2025 returns, intermediate duration favor, analysts are raising price targets, central bank demand for gold, immigration & labor market, and private market underperformance
Today's topics include previewing tomorrow's CPI report, a proposal to eliminate interest on reserves, trade talks with China enter day two, tariff opinion pieces, how common is a V-shaped recovery?, still eyeing an August/September X-date, crude oil supply & demand, congressional trading, and why buy companies that own bitcoin?
What is happening in the CDS market and why is the debt ceiling a critical factor in widening spreads?
The Commitments of Traders report allows investors to gauge position changes for different groups of traders/investors.
Today's topics include converging asset yields, more on Friday's payrolls report, this week's Treasury auction schedule, waiting for news on Chinese trade negotiations in London, questioning the quality of U.S. economic data, how many rate cuts in 2025?, the dollar & the trade deficit, and Fedspeak
Nonfarm payrolls grew by 139k jobs in May, beating economists' estimates. As long as economic data stays in this middling ground, it affords the Fed the option of kicking the can further down the road.