March 9
S&P Oil FX Gold Silver 10Y USM
S&P is down 1.33% to 6,650 | 9:50
JPMorgan Desk Turns Tactically Bearish, Sees S&P Dropping To 6,270 | Zero
Gold is down $57
10Y is higher by 2.3bp to 4.156%
Oil up 7.44%, well off highs but still building on last week’s 35.6% surge
Oil prices ease after record jump as G7 considers emergency reserve release | Forex
For the US, oil price spike is an inflation problem on top of already accelerating inflation | Wolf
But it’s not a supply problem because the US gets very little crude oil and petroleum products through the Strait of Hormuz. But for Asia and Europe – in addition to being an inflation problem – it could also turn into a supply problem if the blockage persists, since these economies receive a substantial portion of their supply through the Strait of Hormuz.
Green policies of Europe and California start to boomerang | JTN
Iraq, Kuwait and the United Arab Emirates have cut oil output as they run out of storage space.
AAA gasoline is $3.478 vs $2.997 a week ago
Trump: Gain in “short term oil prices” is a “very small price to pay” for destroying Iran’s nuclear threat
All We Are Saying Is Give Peas A Chance.
India To US: We Don't Need Permission To Buy Russian Oil | Zero
The cost of betraying a friend: India to pay a premium of $4-5, no more discounts | John
Passing the SAVE Act is as consequential as ridding the Middle East of its chief chaos agent | Kunst
How is there controversy over this? How? Because among all the broken institutions in our country, Congress is the worst. The Congress of our time is demonstrating that we might not be worthy of governing ourselves. We are at a cycle-low for public rectitude. Anything goes and nothing matters as long as the campaign contributions keep rolling in.
The Dollar Not Oil Is The Real Story
A stronger dollar creates a headwind for US multinational corporations, whose overseas revenues are worth less when translated back into dollars. With roughly 40% of S&P 500 revenues generated outside the US, a sustained dollar appreciation will weigh on earnings. At the same time, dollar strength broadly suppresses commodity prices, which partially offsets the inflationary impulse from higher oil prices. This helps explain why gold and silver have struggled despite the favorable geopolitical backdrop for precious metals.
Debt Rattle
Dem Leaders Can’t Explain Past Support For Presidential War Powers (It’s Trump derangement)
Kremlin: “We Are Not Neutral. We Support Iran.”
How ChatGPT actually sees the world:
Consensus for core CPI m/m is 0.2% versus 0.3% previously. | Forex
Headline CPI m/m is expected to rise 0.3% compared with 0.2% prior, while CPI y/y is forecast to increase from 2.4% to 2.5%. Some analysts expect U.S. inflation to print above expectations, which could further reduce market bets on near-term rate cuts.
Germany January industrial production -0.5% vs +1.0% m/m expected
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at 1:00 AM