Today's topics include breaking down consumer spending, Warsh piles on the Fed, stocks for the long run, data collection as funding gets cut, the Fed on Treasury market liquidity, institutional traders sell while retail traders buy, soft data vs. hard data, and the cost of higher rates on the national debt
Today's topics include looking for rate cuts, South Korea seems to land first trade 'understanding' with U.S., bond vigilantes absorb influence again, hedge fund leverage & the Treasury market, wages & inflation, CEOs' ditch outlooks & signal worry, raise your hand if you want to replace Powell now, China saving face while prepping major stimulus plans, a history of U.S. tariff policy, and Trump's second first 100 days
Indirect bidders, often considered a proxy for foreign central banks, shied away from this past week's Treasury auctions.
Tariffs remitted to the Treasury General Account began to surge after Liberation Day.
As pre-Covid data rolls off the five-year window, the long-term correlation between stocks and bonds is turning higher.
Overall consumer transaction growth was positive in March despite concerns over a slowing U.S. economy.
Bitcoin ETFs currently own almost 6% of all circulating bitcoin. While they offer exposure to crypto's price action, they might be a source of concern for real adoption of a decentralized, censorship-resistant currency.
Many metrics of the housing market have returned to pre-pandemic levels. The number of homes sold each month, however, remains depressed.
A long-term look at the dollar-pound exchange rate
Some interesting charts from our recent posts