Bond

Spain Rebounds, Pound Tumbles In Quiet Session Ahead Of ECB Minutes, Fed Speakers

Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today's ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure..

Watch Live: Janet Yellen Addresses Community Bankers In St.Louis

Since Janet Yellen last spoke (shifting hawkish), the dollar and bond yields have surged (as have the odds of a Dec rate-hike). It is unclear whether today's opening remarks at the fifth annual Community Banking in the 21st Century conference at the Federal Reserve Bank of St. Louis, will offer any new insights on monetary policy direction but given President Trump's 'shortlist', it may well be among her last public appearances as Fed Chair.

Is It Time To Question The Modern Nation-State Model Of Governance?

"Those who favor centralized power see these events and movements toward decentralized political power as inconvenient, intransigent outbursts from the ungrateful, unwashed masses... as temporary storms which the wise elders of centralization must merely ride out... Unfortunately for them, this is not the case."

Three Straight Weeks Of This Can't Be Ignored

"...potentially as an escalating warning about systemic liquidity, collateral and otherwise...After all, if something unknown is clogging, removing, or just plain disrupting collateral flow it’s not likely to be an isolated case; and certainly not for three weeks running..."