U.S CPI:3rd report in a row that comes in hotter, not a surprise, same as NFP / 10's UST 4.55%, markets down to 40bps of cuts priced in for '24 / ECB up next

ECB meeting : risk is Lagarde recognizes stronger U.S data on inflation, as a risk for europe and thus delaying what the market is looking for, namely a June cut guidance/confirmation

USDollar takes another leg higher, kind dollar reigns, though precious metals hardly budged yesterday on higher UST yields (all week..) >>> tough job for BoJ, USDJPY at 153+ is highest since mid 1990, #USDCHF approaching our target of 0.9200, pretty key levels 1.07025 area #EURUSD (charts below) + #QQQ and #AAPL

FED expectations shifted further after hot inflation data, #highfrolonger markets have 40bps priced in for 2024 now, reminded dot plots and guidance is 75bps (March meeting) and way down from 150bps priced in 4months ago >>>> CPI core services ex-housing (“supercore”) rose by 0.65% month/month in March … faster than prior month and among larger gains seen in post-pandemic period, must admit though, now 2y UST near 5% is VALUE!

UST's had a miserable week, again, 'failed' auctions and of the largest move in 5s for over 10years (ugly 10's yesterday, 3bps tail - whatever the reasons)

FOMC Minutes : “almost all saw it appropriate to cut this year”, and how the “Fed favours reducing monthly asset runoff pace by roughly half”, as expected broadly speaking

Larry Summers : You have to take seriously the possibility that the next rate move will be upwards rather than downwards

Swiss banking plan leaves 'relieved' UBS out of immediate firing line. UBS could face higher capital rules under Swiss reforms

A lot of unhappy foreign investors in Russia from ‘unfriendly’ countries yesterday after Putin signed a confiscation decree... in response to Western expropriations from 2022 to today.. “There will be no more Britons, Americans, and Dutch who own strategic industries in Russia. After freezing our assets.”

Joe Biden warns of imminent 'significant attack' by Iran on Israel, as he vows US support is 'ironclad'