Ian Reynolds
Overnight
Germany PPI December 2024
Breaking
TRUMP updates from NY Times [NY Times]
Markets are bouncing around in reaction to the latest executive order.
Comment
Financial markets help governments distribute their debt in a manner than should not disrupt sentiment and such that both counterparties have a good result.
Since the GFC, and more particularly COVID, governments have had a flagrant disregard for the process and compliance of capital markets. It wasn't too long ago that money was only created by commercial banks (interest on loans) and because banks don't lend to those unlikely to pay the loans back, there was a natural handbrake on monetary inflation (CPI as some measure that).
Now Presidents and their wives can create money of thin air. It's not only a kick in the face of working Americans but also the seed of distrust in the primary and secondary capital markets system.
History is littered with the corpses of countries that have disrespected markets, and I think this may be the mother of all mistakes.
Crypto
Bitcoin bouncing around
Bitcoin / USD 15 Mins
Foreign Exchange
USD Futures have broken lower.
DXY Daily
Canadian Dollar is volatile.
USD / CAD Daily
Equities
US equiites not back from the MLK holidays
US Equity Futures
Bonds
UST10 yield looking to drop the the lower bound of the channel.
US 10 Year Government Bond Yield Daily
Precious Metals
Gold looking good
Gold Daily
Economic Indicators Today
