Bulls pull in horns ahead of FOMC. RBA dovish.

Today's slide deck:  https://bit.ly/3GERNel   -

Today we look at the market turning a bit more cautious ahead of an important FOMC meeting tomorrow, we note signs of a crowded trade as traders short at least one long-dated US treasury proxy, the TLT. Also, a look at OPEC supply laggards driving upside oil price risks, industrial metals on the defensive, a look at much more dovish RBA than the market was pricing overnight, EU peripheral yield spread widening and more. Today's pod features Althea Spinozzi on fixed  income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic