Jobs, Central Banks, & A Mushroom Cloud Over Pyongyang: Epic Week Ahead Preview
Well, here’s hoping this week lives up to last week…
Well, here’s hoping this week lives up to last week…
There’s been no shortage of digital ink spilled over the past couple of weeks about the euro’s inexorable rise both against the dollar and, more recently, agains the Swiss franc which at this point is more “beleaguered” than Jeff Sessions after a Trump Twitter tantrum.Â
Ok, well this was an interesting week…
U.S. ECONOMY EXPANDED AT 2.6% PACE IN 2Q; EST. 2.7%
U.S. Second Quarter Employment Cost Index Rose 0.5%; Est 0.6%
“…the move above overnight high was due to a combination of short covering and momentum buying and is being made more difficult as spreads blow out in both options and spot.”
“It’s certainly a tempting idea given the price-action but, in the wake of my incorrect dollar call from Wednesday, I refrained from joining the debate with conviction.”
“Currencies, like symphonies progress through movements, not in straight lines. As a symphony progresses through the sonata, adagio and minuet, volume and intensity crescendos and decrescendos before the final forte surge of the rondo.”
“Self-pardon under this rubric is impossible.”
“In this way, the middle class begins to capture an increasing proportion of the benefits of social spending, leaving less for welfare services targeted exclusively at the poorest.”
“Money confuses time with itself — money culture recognizes no currency but its own. Waiting is assigned to the poor and powerless so as to ritualistically reinforce social and political demarcation.”
“The Russia scandal has entered a new phase, and there’s no going back”…
“As horrible as it sounds, when they throw the large sacks of drugs over, and if you have people on the other side of the wall, you don’t see them — they hit you on the head with 60 pounds of stuff? It’s over. As cray as that sounds”…
What effect will Fed balance sheet normalization have on Treasury yields? That’s quickly becoming something
Remember what I wrote last night in “Why We’re Vulnerable: CTAs’ ‘Oversized Loss’ Betrays Extreme
“We believe that the financial markets seem to have entered frothy territory (even if not being in a bubble). In the first place, we would never know if this is a bubble until it bursts.”
“Recent oversized loss in response to a relatively minor sell off suggests a substantial overweight: A 20bp rise in rates has produced comparable losses as a 50bp sell off across the presidential elections in November.”
“And we have newspaper people on the payroll, don’t we, Tom?â€
U.S. June Nonfarm Payrolls Rose 222k; Unemp. Rate at 4.4%
Avg. hourly earnings 0.2% m/m, est. 0.3%, prior 0.1%
“The magnitude of the sell-off is excessive”…
“Of course, dissent is essential. Democracy without dissent is not democracy. But dissent should be disciplined. It should not indulge in fantasies that make partisans feel good but are profoundly misleading. This inevitable disillusion is where we are today.”
Well, the overnight action was predictable under the circumstances, but it’s nevertheless unnerving for anyone
“We are a top quality POE and Nylon umbrella manufacturer. Our umbrellas have already been well-accepted by clients around the world, especially those from Japan”…
“This morning, at a speech at the BIS Annual General Meeting, Bill Dudley came right out and stated unequivocally that the Federal Reserve was targeting financial conditions.”
Well, gold plunged $18 in seconds on surging volume (18k contracts in a one-minute window)
“But then the market, with nothing else to do, started to focus on oil prices”…
It’s Russell reshuffle day, which means equities will likely be jarred out of any summer
“In our opinion, this is not dangerous market complacency but a reflection of an abnormally tranquil macro environment, with a benign economic outlook, very supportive financial conditions, and lower political risks”…
You must be logged in to post a comment.