FED's Bowmann joins Waller in dovish camp, SEP cut nearly priced in / NATO 5% pledge / Israel-Iran ceasefire

Stéphan
Jun 24
3 min read

NATO summit, without Japan and South Korea, Trump of course will be there
Big banks are close to getting one of biggest regulatory rollbacks since 2008 >> one of the main reason equity markets been holding up well and now ripping! bullish bonds, risk, bearish usd (Fed's Waller and Bowmann...)
Markets : The odds of an interest rate cut by the September FOMC have soared to 80%, ceasefire announced, all this loooked a little 'staged' as discussed yesterday, big show of military might from the U.S, when Iran facilities had been cleared, same for the Qatar air base (it had been cleared few days ago..)...sending few missiles and no casulaties.. is just kind of face-saving..(can forget about Hormuz closing now ..) >>> crude right back down (JPY right back), risk-on, USD softer overall, close to breaking support levels again...equity markets at or nerar all-time-highs, valuations rather rich, a little too euphoriac, CHF looks a little 'misplaced', too high relative to few many things across global markets
After Waller, Fed's Bowman open to cutting rates at July policy meeting >>> Powell will be grilled on this now, as he will testify before the House Financial Services Committee and the Senate Banking Committee this week
A historic #copper squeeze on the LME continues, with spot copper trading at a USD 379-a-tonne premium to the three-month futures, the highest level since 2021
UK Vows to spend 5% of GDP on security by 2035 to hit NATO goal
China's auto industry has inflated car sales for years through a government-backed grey market that registers new cars right off the assembly line and then ships them overseas as "used" vehicles
Warren Buffett's Berkshire Hathaway Now Pays 5% of All U.S. Corporate Income Tax. A 'record-shattering' $26.8 Billio
China, which in March slipped to become the third-largest foreign holder, behind the UK, had $757 billion of US Treasury securities in April, down $8.2 billion from March
Brexit the 'stupidest thing any country has ever done' - Michael Bloomberg