Today's slide deck: https://bit.ly/3t8CsL6 -
Today we run through the FOMC non-event that kept the Fed in wait-and-see mode as expected, although it was sufficiently dovish to trigger a slightly lower anticipation of eventual Fed tightening and a weaker US dollar. We also look at Biden's address on his stimulus and tax proposals, important inflation expectations considerations for the development in US yields, EU yields as the German Bund trades at critical support, how EU yields are driving EURJPY, and not least, run through Apple's latest strong result and earnings reports on the docket for today. Today with Peter Garnry on equities, Althea Spinozzi on fixed income, and John J. Hardy hosting and on FX.
Intro and outro music by AShamaluevMusic
US yields jump, capping complacency
Soft CPI revives risk rally, but treasury reaction creates dissonance.
When is the great disinflation bet derailed?
Bears finally get a hook
The market is not for turning
Market complacency and the 2008 parallels.
Market is not ready for stagflation
Yield pop elicits complacent shrug from equities
Taiwan tensions and a possible market pivot
Financial conditions in the driver’s seat
Careful what you wish for, market.
Market indulges in risk-on after weak Powell pushback
Leaning against the market’s lean into FOMC
VIX below 25 with this backdrop? You must be kidding...
Huge week ahead on earnings and Fed guidance
USD breakout, commodities plunging, and equities love ’junk’
RBA hikes and inflation trades are back
Recession fears are pulling commodities and bond yields lower
Diving commodities prices the driver.
Regime shift in volatility. EU NatGas woes mount.
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