US index futures rose higher into record territory, as European stocks pared muted gains after the EURUSD rose above 1.17, pressuring exporters, while Asian shares were broadly higher, but the main theme of the session was another day of USD weakness.
Amid reports that pressure is mounting on the Securities and Exchange Commission to act on Elon Musk's "funding secured" Tweet, there is also another camp making the argument that Musk "might not have to worry" at all about the SEC.
Energy has transformed geopolitics so that it plays out as geoeconomics, since financial gains or losses are directly related to a country’s position within the hierarchy of political influence. Today, power emanates not from the territory one can occupy, but from the spread of markets one can control or influence.
"As of today, the Fed’s independence is guaranteed, but Trump has the ability to make his own appointments to the Fed board. If Fed independence does get threatened, you’re going to see a bond market reaction."