As expected the BoE was on hold, though confidence in rate cuts coming as soon as June increased. In the U.S. jobless claims seemed to get the message that people (see Jim Bianco here) were concerned that the data was manipulated after many prints at 212K in the data set, so this time they spiked up to 231K. The 30Y Auction was strong, easing concerns about market demand for longer-term debt (for today at least). Yields moved lower and stocks moved higher, but I'm not sure anyone cares much until next week's CPI data. 2Y is around 4.80% and 10's are around 4.45%.
On the day ahead, UofM sentiment is the highlight. Markets will continue to watch the situation in Gaza and the possibility that the U.S. will cut off certain weapons shipments if Israel invades Rafah.
XTOD: You will never find one answer to what makes you happy. There are many answers, and they change based on your current state. People need to relax, but if all you do is sit on the beach, it gets old. People find meaning in work, but if all you do is work, it gets exhausting. People benefit from exercise, but if all you do is exercise, it gets unhealthy. Happiness will always be fleeting because your needs change over time. The question is: what do you need right now?
XTOD: "Girard’s theory of mimetic desire describes our fundamental compulsion to want what others want or have. 'We don’t even know what our desire is. We ask other people to tell us our desires'...'you desire stuff exclusively because other people desire it.'"
XTOD: This ad is (unintentional) perfect metaphor for today's creative dark age: compress organic instruments, joyful/imperfect machines, tangible art, our entire physical reality into a soulless, postmodern, read-only device a multi-trillion $ corporation controls what you do with
XTOD: The MMT people's disgraceful attempt at a "gotcha" on Jared Bernstein should warn us away from their movement. But what's far more dangerous is their idea that governments can pay for their spending by increasing the money supply. That way lies disaster. https://www.noahpinion.blog/p/the-macro-arsonists
XTOD: MMT works so long as nominal rates can be held at zero This is the bind that our Japanese brothers find themselves in The collateral bedrock of global money creation is presently set at 5.5pc
They need to raise rates But their debt load makes this impossible They can huff and puff and bluster and intervene But they are the Ohbayashi Maru A stricken vessel in a universe of MMT far, far away
And I don't think their currency is coming back
XTOD: “The world will ask you who you are, and if you don’t know, the world will tell you.”
~Carl Jung
https://x.com/JamesClear/status/1788639069389353026
https://x.com/robkhenderson/status/1788313396598768090
https://x.com/AdamSinger/status/1788187760718655515
https://x.com/hendry_hugh/status/1788588226413842902
https://x.com/jposhaughnessy/status/1788563633636606403
No comments:
Post a Comment