Fed's Favorite Inflation Indicator Prints Hotter-Than-Expected As Savings Rate Plunges

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The silver lining is that this hot PCE print is 'dovish' relative to the GDP-based data we saw yesterday, with whisper numbers of +0.4 to +0.5% MoM (vs the +0.3% print).


How Janet Yellen Will Unleash Another Market Meltup Next Monday

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It's time for the Quarterly Refunding Announcement shocker again.


UMich Inflation Expectations Accelerated In April To 2024 Highs

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About 38% of consumers reported that high prices were weighing down their living standards, up from 33% who said so last month...


Why Are There So Many Americans That Can't Find A Job Even Though They Are Desperate To Be Hired?

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There seems to be an enormous disconnect between what is actually happening in the real economy and the economic narrative that they are constantly pushing. 


Anglo American Rejects BHP's Takeover Deal, Calls It "Highly Unattractive" 

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"The BHP proposal is opportunistic and fails to value Anglo American's prospects..." 


Watch: Drag Queen Makes Tiny Kids Chant "Free Palestine"

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The LGBT Equality Index ranks Palestine as 192nd worst out of 197 countries...


Ukrainian Drone Strikes Target Russian Oil Refineries Again Despite White House Pleas

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...just days after they got the cash from Biden.

 


China Is Pivotal For US Inflation's Path

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Inflation is more stubborn than most expected.


Futures Jump As Tech Giants Soar, Yen Plummets After BOJ Refuses To Prop Up Crashing Currency

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“We have a precarious situation where the earnings of a few big companies are driving sentiment on the entire market. We have seen a bit of volatility driven by earnings as well as rate decreases being priced out and that’s likely to continue.”


"Our Enemy, The Fed"

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What exactly did the Fed fix?


UK Defense Chief Says Ukraine To Increase Long-Range Strikes In Russia

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"As Ukraine gains more capabilities for the long-range fight . . . its ability to continue deep operations will become a feature."


Polish President Admits That Major Infrastructure Project Has Dual Military Purposes

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Andrzej Duda inadvertently vindicated those Russian observers who long suspected that this transport megaproject right outside of Warsaw had dual military purposes, thus proving that they were right about Poland’s real plans all along...


Sceptical Supreme Court Could Hand Trump Partial Victory In Immunity Case

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...this appeal could delay lower court proceedings in President Trump’s Washington trial as well as his cases in Georgia and Florida.


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  • Equities are firmer, benefiting from strong Big Tech earnings; Google (+11.7%), Microsoft (+3.6%)
  • Dollar is flat, USD/JPY moved lower in quick succession before paring back, Aussie outperforms given the risk tone and higher metal prices
  • Bonds are modestly firmer, though very much contained ahead of US PCE
  • Crude within recent ranges, XAU trudges higher and base metals entirely in the green; 3M LME topped USD 10,000/t
  • Looking ahead, US PCE, Personal Income, Earnings from Co

Russia To Seize $440 Million From JPMorgan

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JPMorgan said it faced "certain and irreparable harm"...


Chipotle Tells Workers To "Preserve" Chicken Supply As Demand Soars

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"We temporarily asked all of our employees at corporate and in-restaurants to select another protein option for their meals to preserve our supply."


King Commodities: Breaking Out Again

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Unstoppable commodities...

3 Bounce Charts We Are Watching

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So far this is just a "normal" bounce post the sell off.

EU Prepares To Tighten Screws On Russian LNG Imports

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In a move that could reshape Europe's energy landscape, the European Commission is poised to propose new sanctions targeting Russian liquefied natural gas (LNG) imports.


Bull’s best friends: AI & Buybacks

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Very strong AI datapoints over the past 24 hours