July 6
S&P Oil FX Gold 10Y BTC CLZ6
ISM Services PMI fell to 54.0, down from 54.5. Still indicates solid expansion, though at a softer pace
S&P is up 0.56% Ahead of Busy Week for Tech Stocks | 10:25
Crude oil is up 0.13% to $68.85
Gold is down $35
Yen is down 0.58% to and 162.30 Remains Under Pressure
Accountability might also be coming for Chief Justice John Roberts | Kunst
He wrote the dodgy majority opinion on the SCOTUS’s June 30 “Birth Citizenship” decision. What motivated Mr. Roberts to do such a harm? Perhaps he’s just an idiot, but there’s more lurking there.
Consider, too, that a scandal has just emerged involving CJ Robert’s wife, Jane, and the enormous commissions she received working at the DC law firm Pillsbury Winthrop Shaw Pittman, and then the legal recruiting outfit Major, Lindsey & Africa (through 2019), and then legal another recruiting firm, Macrae, for placing eminent attorneys into law firms with active Supreme Court case practices. Her income from all this recruiting surpassed $10-million. CJ Roberts did not recuse himself from the cases involving these relationships. This is a still-developing story. . . .
Citi projects Brent crude prices between $60 and $65 per barrel by year-end | Peak
Analyst Francesco Martoccia noted weak Chinese demand, softer physical crude prices, and disappointing inventory draws. Goldman Sachs forecasts a roughly 2 million-barrel-per-day surplus next year even after 1 million barrels per day of Strategic Petroleum Reserve refilling. Morgan Stanley has lowered its price forecasts on similar grounds.
Maritime flows through the Strait of Hormuz steadily recovered
OPEC+ signaled an increase in global supplies.
AAA gasoline is $3.797, down 40ct from $4.190 a month ago
Russia’s “Systematic Strikes” Are Reshaping The Ukrainian Conflict’s Strategic Dynamics | Kory
Ukraine’s dearth of air defenses created a strategic opportunity for Russia to ruthlessly exploit.
Russia continues to treat the war in Ukraine as a SMO. | John
The Ukrainian strikes pale in comparison to the damage Russia is inflicting on Ukraine’s remaining industrial assets. The US and Israeli attack on Iran, followed by the closure of the Strait of Hormuz, has been a major economic boon for Russia. Its oil exports continue to increase and the prices paid for that oil are at a 40% premium over what Russia earned prior to the 28 February attack on Iran.
Debt Rattle
A generation graduating without a working knowledge of the country they’re inheriting.
Week Ahead: The Federal Reserve will release minutes from its June meeting
ISM Services PMI, existing home sales, and its full trade balance
Six-Month Treasury Yield Rises to 4% | Wolf
Bond Market Tells the Fed to Get on with the Rate Hikes
The two-year US yield finished the holiday-shortened week slightly below 4.14%. | Marc
It was at 4.18% after the Fed's hawkish hold last month and peaked above 4.20%. It sounds simplistic, but in the current environment as goes the US two-year yield, so goes the dollar.
Debt Rattler>
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