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Dollar Questions
Ahead of this week's crucial US CPI report, and with America's jobs market and service sector both exhibiting a familiar penchant for stubborn resilience, I wanted to quickly mention the dollar.
Treasury yields have obviously rebounded smartly off YTD (or multi-year, depending) lows reached in the wake of the Fed's 50bps rate cut. Some of that's breakevens (think the war-driven surge in crude), but it's reals too. The bond selloff accelerated late last week amid an ISM services overshoot and, o
I’m all in on the strong-dollar-rah-rah thesis. Nothing I’d like more than to retire to Perugia with the dollar-euro rate at about 1.25. Selfish? Yes. Chauvanistic? Yes. But maybe it’s just what MAGA needs to be reminded that the rest of the world wants what we already have (and have had for a long time).