At these prices, next year's Easter bunnies will be 3x the price! Choccy crisis! as cocoa prices hit 10K a ton
U.S core PCE on Friday, FX markets open, Gold (precious metals is not), low liquidity is data 'out of expectations' >>> UST 5y notes auction of $66bn yesterday went off like a dream, by 1bp through, 7y auction today >>> FED's Waller important today, see FT article below, big picture, we continue to think the market may well move to 2, then 1 cut only in 2024 (sticky inflation, strong employment still, for now economy remains relatively strong, with all this fiscal spending!
Closing in on Q1 2024, with VIX hitting all-time lows vs cross asset volatiliies
#USDJPY near the big 152 marker, highs seen 1990 and 1998 when BoJ intervened, levels now 'beyond previous interventions levels, they will need more than 'talk talk', ''Japan's finance minister talked again about "decisive steps" to address "disorderly" currency moves
China sued the US at the WTO over rules that discourage EV makers from buying Chinese battery materials. The Inflation Reduction Act and related regs are “discriminatory” and have “seriously distorted” the global supply chain
U.S 2nd tier data yesterday was a little softer, Philii Fed, Richamind Fed manuf, Dallas services and consumer confidence
TSMC : The world's biggest chips producer is on a high-speed hiring spree
#XAUUSD : Switch to gold standard could stabilise prices – Philadelphia Fed research
FUNDSTRAT: “.. Our top idea for 2024 is small-caps, where we see at least 50% upside .. Russell 2000 companies are set to grow .. faster than the $SPX .. Valuations are far more attractive .. when CEO confidence recovers, we also see the low valuations as setting the stage for synergistic M&A ..”
Markets : enjoying this low vol period, liquiditie splenty and 'mem' stocks franzy. UST 5y auction showed no issue whatsoever yesterday, usual bond bid into month quarter.end mentioned....together with a 'sell eq' at some point, all well documented by major market makers
Mohamed A. El-Erian on X: "Are we witnessing a turning point in the way major central banks, led by the Federal Reserve, implement their inflation-targeting regimes? Some thoughts via the Financial Times: https://t.co/FiXWESsZ0O #economy #centralbanks #inflation @FT #EconTwitter https://t.co/3dTcI0hyFD" / X
FED's Waller speaks today, he first spoke about this in Q4, so he is the key
The Kobeissi Letter on X: "How out of control is US government spending? "Since 1800, there have been 52 countries that saw a Debt-to-GDP above 130%, 51 of those countries have defaulted." - @TKL_Adam with @cvpayne Currently, the US has a Debt-to-GDP ratio of 124% which is up over 20% since 2020. The… https://t.co/OyUaenXG8x" / X (twitter.com)
#USDCNH Michael Pettis on X: "1/9 "One camp says the yuan will likely stabilize because the PBoC is trying to curb its depreciation, while another argues volatility will increase as officials are trying to loosen their grip on the currency and guide it lower to boost exports." https://t.co/9wnmt5UCqu" / X (twitter.com) >>> if USDJPY goes 160+, China will let USDCNH go higher
Alf on X: "Liquidity is going up, liquidity is going down, liquidity here, liquidity there. Sure: but what is ''liquidity''? Thread. 1/" / X (twitter.com)
Althea Spinozzi on X: "🇺🇸The Treasury sells $66b 5y notes today, the highest for this tenor on record‼️ Demand may be strong because: -At 4.25%, it would be the 4th highest auct yield since 2007 - This tenor offers an optimal risk-reward: yields need to rise above 5.5% within one year to enter the red https://t.co/FfS1glgFZZ" / X (twitter.com)
Ackman going a little Buffetesque in his annual letter
Javier Blas on X: "🍫🍫🍫THE CHOCOLATE CRISIS — an UPDATED thread🆕🆕🆕: Retail chocolate prices are rising (and will increase much further, while shrinkflation will reduce sizes) after wholesale cocoa prices surged to an unthinkable all-time high of ***$10,000 a ton*** on Tuesday. 1/15 @Opinion https://t.co/rX9pUhInz0" / X (twitter.com)
NAture! whaooo
Fort Bend Co. neighbors want to know whether solar panel farm's hailstorm damage leaked chemicals (msn.com)
Brutal... WHo pays up for the cleaning up and replacement ?