June 17
S&P Oil FX Gold 10Y CLZ6
S&P is unchanged | 10:54
Gold is up $16
Dollar index is up 0.16%
10Y yield is lower 0.4bp to 4.441%
Oil is up 2.42%
Cushing Stocks Crash To 'Tank Bottoms', Seasonally Lowest Since 2005 | Zero
SPR Sees Another Huge Drain
Weekly EIA crude oil inventories -8263K, the third consecutive large draw | Forex
Retail sales increased 0.9% mom, above forecasts of 0.5%, signalling a robust consumer spending
Iran and the US remained on track to sign their agreement to end the war by Friday
The Fed is due to hold its rates unchanged but clues on its outlook will be shared.
Warsh will be asked about potential changes to the monetary framework and balance sheet reduction
The Real Threat to Fed Independence
Previous chairmen, especially Powell, undermined the institution’s independence for years by taking on political objectives outside the bounds of monetary policy and by expanding the size and scope of its balance sheet. The assets held by the Fed increased exponentially since the 2007–2008 financial crisis. At the end of 2007, Fed assets totaled about $885 billion; at their peak in 2022, they were nearly $9 trillion. Today, they are about $6.7 trillion, after a period of quantitative tightening—that is, of not buying more debt.
Warsh appears determined to dismantle many of the communication tools Arm
He has criticized “forward guidance,” questioned the value of constant forecasts, and appears to favor a much less predictable Federal Reserve. Markets have become addicted to every word spoken by central bankers. Investors now spend more time trying to decipher press conferences than studying the underlying economy. Warsh seems to believe that central banks should stop pretending they can micromanage expectations years into the future.
US Finally Capitulates with 'Memorandum' of Surrender | Simpl
In short, Iran called Trump’s bluff and won. Trump tried to pretend that the US could play the long game in “blockading” Iran until storage at Kharg and elsewhere began to overflow—but instead, it was the US that was edging toward economic catastrophe and Trump was finally forced to blink when he realized that Iran wasn’t going to lose this game of Chicken.
The US lost a major portion of its reconnaissance fleet via the destroyed Reaper drones, lost a huge swath—perhaps even the majority—of its regional long-range detection radars; essentially, it lost its eyes and ears. Additionally, the US’s feared “carrier fleets” turned out to be nothing more than empty bogeymen, broken-down hulks which drifted aimlessly out of reach of Iran’s coastal defense batteries.The same goes for the feared “US Marines” which did nothing more than sit
Why Haven’t Tort Attorneys Gone After the COVID Vaccine Makers? | PCR
It seems that Big Pharma is too powerful to be seriously attacked.
Now That SPCX Is Trading | MTick
The premise of "an interplanetary species" a complete crock as long as we're limited to chemical propulsion. 95% of the mass of their rocket sitting on the pad is propellant!
Today’s Peak Digest
Iran oil sanctions relief and Qatar LNG, Israel-Iran geopolitics, BOJ rate hike and gold reserves, SpaceX-Cursor AI deal and xAI lawsuit, FISA reauthorization, and COVID vaccine studies
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Email: wkidder42@gmail.com
Text: 1 646 257 2130
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