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#MSFT job cuts 14K in 2mos / Stagflation on the Fed's mind / SNB cuts to Zero, as expected / BoE up next

  • Writer: Stéphan
    Stéphan
  • Jun 19
  • 3 min read
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  • Microsoft is about to lay off another 8,000 people on July 2. That’s 14,000 jobs 2 mos

  • Fed holds rates again in 4.25-4.5% target range, still sees 2 cuts by year end. Lowers 2025 GDP forecast to 1.4% from 1.7% prev, lifts inflation to 3.1% from 2.8% forecast in March >>> 'stagflation' in other words, all next 3 meetings 'in play', all largely 'as expected really', -7- Fed members now penciling NO cut in 2025

  • Markets : signs of equity markets 'topping out' SPX 6K+ (expensive valuations), DAX, HSI, QQQ all charts looking the same (risk lower now, sell rallies after VIX expiry JPM strike 5905.....)...USD also finding some interest (short covering, as mentioned on Tuesday, markets overextended-short USDollar, BEWARE in short-term, SNB cuts as exp ( they can and will need to intervene a lot more to weaken CHF from here!..), BoE to be unchanged today (expected)

  • Many seem to bet/think/hope the Fed can declare victory on inflation and signal that it is ready to cut rates again, would be surprising, given that tariff effects have been delayed, not cancelled, and oil is higher now too!

  • Krasnodar, one of Russia's largest #wheat producing regions, has declared a drought emergency

  • SpaceX Starship explodes again, this time on the ground

  • #XAGUSD Industrial Demand Creating Momentum for Silver


Trump on his relationship with Jerome Powell… Absolute comedy: “He just refuses to lower rates. I don’t even think he’s political, I think he hates me. He probably should, I call him every name in the book to try and get him to cut.”








A bearish Gold view!









 
 
 

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