Consumption was pretty hot, but the gain was mostly affected by energy prices rising. PCE inflation reflected the unexpected acceleration from yesterday. Yields may pull back today, but I'm not sure we'll see that turn into a sustained move.
Pricing in 1 rate hike this year feels about right. A reminder, services inflation is still sticky. PCE services (ex-energy, housing) inflation ticked up in Mar to 3.5% YoY vs 3.4% YoY in Feb and has only been accelerating this year.
Bonus doomer data: PCE (...
Pricing in 1 rate hike this year feels about right. A reminder, services inflation is still sticky. PCE services (ex-energy, housing) inflation ticked up in Mar to 3.5% YoY vs 3.4% YoY in Feb and has only been accelerating this year.
Bonus doomer data: PCE (...
Silver is on its way to testing the high set in the last decade set in Aug 2019.
SLV was up 3.7% yesterday which put it at a 2.5-year high. TD Securities global head of commodity strategy believes the current Fed cutting path is good for precious metals like silver since "the Fed will cut significantly before the inflation target is reached." If the Fed and other central banks cuts into a growing economy, then that could be a strong positive impulse for precious metals like silver.
$iShares Silver Trust(SLV.US$
SLV was up 3.7% yesterday which put it at a 2.5-year high. TD Securities global head of commodity strategy believes the current Fed cutting path is good for precious metals like silver since "the Fed will cut significantly before the inflation target is reached." If the Fed and other central banks cuts into a growing economy, then that could be a strong positive impulse for precious metals like silver.
$iShares Silver Trust(SLV.US$
1
Another blow to the shipping industry this morning following the Baltimore bridge collapse. Both Maersk (charter of the ship that crashed into the bridge) and the general shipping industry likely to be red today.
$Breakwave Dry Bulk Shipping ETF(BDRY.US$ $A.P. Moller - Maersk A/S Unsponsored ADR(AMKBY.US$
$Breakwave Dry Bulk Shipping ETF(BDRY.US$ $A.P. Moller - Maersk A/S Unsponsored ADR(AMKBY.US$
1
Fed speakers this morning walking the hawkish tightrope:
• Downplaying CRE risks
• Magnifying risks of cutting rates too soon
• Wanting to see more progress on inflation
• Bostic sees 1 cut in 2024
• Goolsbee still seeing 3 cuts in 2024
Fed's Bostic:
• I want to avoid volatility from the balance-sheet runoff.
• The Fed is aware of CRE risks but doesn't see them as broad-based.
• Cutting rates too soon could be more disruptive.
Fed's Goolsbee:
• We're in a bit of a murky period with inflation.
• ...
• Downplaying CRE risks
• Magnifying risks of cutting rates too soon
• Wanting to see more progress on inflation
• Bostic sees 1 cut in 2024
• Goolsbee still seeing 3 cuts in 2024
Fed's Bostic:
• I want to avoid volatility from the balance-sheet runoff.
• The Fed is aware of CRE risks but doesn't see them as broad-based.
• Cutting rates too soon could be more disruptive.
Fed's Goolsbee:
• We're in a bit of a murky period with inflation.
• ...
jacknotjacob
voted
ColumnsMetals & Mining Weekly Wrap: Gold Retreated From Record High; Rio Tinto to Invest in Lithium Project
Hello mooers! Welcome to our new column that focus on the metals & mining industry.
Spot Price Snapshot
Key Price Moves
Gold: the prices of $Gold Futures(JUN4)(GCmain.US$ exceeded $2,200 per ounce for the first time in history on last Thursday, following the announcement from the US Federal Reserve that it intends to implement three rate cuts in 2024, despite concerns about rising inflation. Whil...
Spot Price Snapshot
Key Price Moves
Gold: the prices of $Gold Futures(JUN4)(GCmain.US$ exceeded $2,200 per ounce for the first time in history on last Thursday, following the announcement from the US Federal Reserve that it intends to implement three rate cuts in 2024, despite concerns about rising inflation. Whil...
+2
17
About 8 hours after the BoJ raises rates for the first time since 2007, JGB yields are down across the board. Investors are not buying that the stated shift in policy will translate to further normalization. Indeed, the BoJ left itself plenty of room to remain dovish.
$Japan 10-Year Treasury Notes Yield(JP10Y.BD$ $Japan 5-Year Treasury Notes Yield(JP5Y.BD$ $Japan 3-Year Treasury Notes Yield(JP3Y.BD$
$Japan 10-Year Treasury Notes Yield(JP10Y.BD$ $Japan 5-Year Treasury Notes Yield(JP5Y.BD$ $Japan 3-Year Treasury Notes Yield(JP3Y.BD$
PPI was hot and confirmed that inflationary pressures behind hot CPI are no joke. Yields jump, stocks dump. I think we're in for a little pain in March and maybe April too.
$SPDR S&P 500 ETF(SPY.US$ $U.S. 2-Year Treasury Notes Yield(US2Y.BD$
$SPDR S&P 500 ETF(SPY.US$ $U.S. 2-Year Treasury Notes Yield(US2Y.BD$
1
Mostly negative in Asian markets except for Taiwan and slight gains in Australia.
China's Shanghai Composite falls -0.40%, the second decline in a row from 2024 highs.
Nikkei is down -3.0% from the highs set last week.
China's Shanghai Composite falls -0.40%, the second decline in a row from 2024 highs.
Nikkei is down -3.0% from the highs set last week.
The jobs report this morning could be the catalyst for another Nov-Dec drop in rates. Market will be looking for a dovish Fed this month but shouldn't expect a rate cut.
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$
Japan's 3-year Treasury yield is up 1.3 bps to 0.176% on the core inflation beat. JP3Y has gone from nearly 0% to just over 0.17% in 2024 so far as a BoJ hawkish pivot is anticipated this year.
$Japan 3-Year Treasury Notes Yield(JP3Y.BD$
$Japan 3-Year Treasury Notes Yield(JP3Y.BD$
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