On to you Jerome Powell - the world is listening >>> The Fed's Killer B's (Bowman, Bostic, Barkin) are all voters who have basically said they are really in no rush to cut rates. Bostic introduced the idea of "pent up exuberance" upside risk today which suggests he's probably on hold for longer as well. Waller's most recent speech was "What's the Rush?"
USDJPY hasn't been able to move 150-151+ over the last month -- Some BoJ attendees likely to say that lifting negative rates would be reasonable in March – Jiji >>> against this, mr markets see a very decent carry, JPY to become a bit more volatile over next few months, less one way traffic
Apolllo : The vacancy rate for US office is approaching 20%. And this is in a strong economy with a strong labor market. If the unemployment rate starts rising because of the lagged effects of Fed hikes, the office vacancy rate will increase even more
GOLD : when into a new cycle (which it looks to be be now), it will take all other metals with it eventually, XAG, XPT, copper etc etc
One question is obsessing Tokyo’s financial markets: When will the BOJ exit negative rates? Japan's biggest bank is positioning itself for a liftoff this month
Martin Wolf: “China needs a new macroeconomic strategy. This is not about another ‘stimulus’. It is about changing the distribution of income and spending. The leadership does not want to do this. But events will force its hand in the end.”
BTC hit new all time highs, followed by a near 10% drop ''biggest bearish engulfing candle ever seen' one can read in many places
PBOC head Pan Gongsheng: China has enough room for monetary policies, especially for RRR cuts
UBS chief Sergio Ermotti hits out at Europe’s ‘parochial’ view of banks. Regulations stopping lenders growing allows US rivals to dominate, says CEO overseeing Credit Suisse takeover
Markets : Mag 7 momentum loss (3 of them quite negative stories, AAPL 4mos lows, NVDA still rocking though), USDJPY didn't like 150-151+ once again (March is a time for a BoJ tweak, if ever), main Eq indices ever so slightly off, after such a huge rally, it should be no surprise if we got a 5% correction say. Gold 'entering' a new phase, other metals to follow eventually - plenty of calls now in this direction, all about real rates!
Althea Spinozzi on X: "🇺🇸QT tapering is coming faster than most expect. If the $60b UST QT cap is not reduced, the Fed will runoff $170b bills in the next 12 months, biting on mkt liquidity. Waller may be looking to a reverse “operation twist” which will benefit ST UST More👉 https://t.co/nLZGape2LL" / X (twitter.com)
Kitco NEWS on X: "Commodities at a Turning Point: Anticipating a Breakout - Tavi Costa https://t.co/A5Ik1cY6n6 https://t.co/147fGKrBRZ" / X (twitter.com)
these guys are always bullish metals, but still, few good points there !?
This probably more important CrossBorder Capital on X: "This is important👇👇👇Break coincides with rising term premia on US Treasuries" / X (twitter.com)
Yahoo Finance on X: "“We think the Mag Seven is going to become the Lag Seven as they’re going to end up consolidating in here,” Piper Sandler’s Craig Johnson says. “You’re starting to see that happen with Apple consolidating and … we’re going to start to see a broadening out in this market.” https://t.co/j3fAIMjzzS" / X (twitter.com)
Michael Pettis on X: "Martin Wolf: “China needs a new macroeconomic strategy. This is not about another ‘stimulus’. It is about changing the distribution of income and spending. The leadership does not want to do this. But events will force its hand in the end.” https://t.co/DODnbK8G5z via @ft" / X (twitter.com)
Craig Shapiro on X: "The Fed's Killer B's (Bowman, Bostic, Barkin) are all voters who have basically said they are really in no rush to cut rates. Bostic introduced the idea of "pent up exuberance" upside risk today which suggests he's probably on hold for longer as well. Waller's most recent…" / X (twitter.com)
A lot of work to be done !! ‘It’s like buying an iPhone and not having a cable’: UK’s bid for net zero in the balance due to grid ‘blind spot’ | Energy industry | The Guardian >>> from next year, engineers will need to roll out more than 100km (62 miles) of electric cabling every day until 2040 if the government hopes to power the UK towards its climate goals, according to new data.
City braces for Hunt’s budget with 2p national insurance cut expected – business live (theguardian.com)
Emmanuel Macron on X: "Who initiated the war in Ukraine? Who is threatening with nuclear weapons? Let's be clear about what is happening in Europe. https://t.co/L3tjx6hBXz" / X (twitter.com)
DAX - near 20% rally within 4months may need to take a healthy breather
