Hardly the start the "Fabulous Four" wanted...

Mixed durable goods data; USD/JPY rises above 155; Hot Aussie CPI; Israel to move ahead with Rafah op.; Chunky crude draw; BA earnings beat, Moody's cut credit rating; T earnings beat; TSLA shares rally on affordable car hopes; Lacklustre 5yr auction.

...BoJ bluff-calling and bitcoin bloodbath from the usual 'perps'...

"you may see markets overshoot to the upside but feels like the buy-the-dip has kicked in with aspects of both Tech and Value poised to lead and the resumption of the AI trade."

"...there have been a number of documented shortcomings,..."

There continues to be scant evidence of inflation hedging in markets despite clear signs price-growth risks are rising...

If yesterday's 2Y auction was stellar, today's 5Y was the opposite.

"...demand in the US market has fallen sharply beyond expectations, making Apple take a conservative view of demand in non-US markets."

Jack Boroudjian and I discuss monetary policy, fiscal policy, the move in gold, politics and why the bond market may take the spending keys away from the Biden administration.

The Patrick Mahomes of the investment world are few and far between. At times, overconfidence is a good trait, but it can also be a critical flaw...

"Kering's performance worsened considerably..." 

“There are high hopes for big US tech. Inflation and valuation levels don’t seem to be a concern at the moment.”

"Looks like an explosion." 

Endless problems. 

The cost of gold encourages companies to seek alternatives to it, but its natural features guarantee that it’s still used as a vital component of computers and GPUs despite its cost...

The republicans do what they always do best: fold like cheap lawn chairs.

After all, something has to replace all of the ESG ETFs that have shuttered in the last year.

"Normal eVTOL vehicles cannot drive on the ground, but our model is dual use."