Commods, previous metals, gold, silver keep on trucking / USDJPY teasing BoJ / FED Funds down to -2- cuts pricing in '24 ahead of U.S CPI and FOMC minutes tom

Commodities, copper, crude, gold, platinum etc firmer still

Fed Funds futures now pointing to just -2- cuts in 2024, with chance of a July cut fading, a strong CPI will push rate cut expectations to Sep immediately tomorrow >> the argument for cuts is dissipating - no landing looking at NFP's ! au contraire, we continue to look for a #highforlonger scenario, markets will test BoJ with USDJPY 152+

Vitol, the world's largest independent oil trading company, has made more money in the last 3 years than during the past 30 years combined ($13bn revenues in 2023 alone..)

The S&P 500 hasn't had a -2% day since February 21, 2023. "This is the 12th longest such streak since 1928:" Citi's Stuart Kaiser

DB: "How can credit sell-off in a world where growth is strong & the Fed is dovish? The largest risk is the market doubting the Fed's ability to cut in 2025 & 2026....Even after last Friday's jobs report, we are still pricing more 2025 & 2026 cuts than at the start of this year"

US will not accept Chinese imports decimating new industries, Yellen says (EV..)

The US Federal debt is set to DOUBLE in just 8 years, rising from $20 trillion in 2017 to $40 trillion in 2025. Currently, US Federal debt is rising by a whopping $1 trillion every 100 days

Jamie Dimon warns inflation, interest rates may remain elevated, 'soft landing odds are 'lower' than markets believe'...indeed last NFP another +"300K...last 3 NFP were much higher in fact

GOLDMAN: ".. Investors are concerned that recent management commentary from consumer facing companies suggests some signs of weakness. $COST missed consensus US sales estimates for the month of February. $LULU, $NKE, and $ULTA all recently issued disappointing forward guidance. Last month, $MCD CFO called out a 'challenging consumer environment' while this week $DRI missed on revs." [Kostin]

Insider selling in the first quarter reached its highest level in over 3 years, with total insider sales nearing $25 billion, according to Smart Insider.

India just reported record monthly imports of #silver