where is trump?
market vibes
November 29 … )
The Yen carry…
Today is the last trading day of November. It’s been a month to make Ayn Rand proud. Atlas shrugged, shifting the weight of the world on his shoulders from globalism to populism. John Galt donned a MAGA hat. In history, there has never been a destination called “the center”. It is simply an abstract concept through which an era passes leaving in its wake the disruptors and explorers of yesterday behind it. The jury is still out on who they will be.
In the news
CAD GDP came in 1%. Inflation 2%, growth 1%.
The Yen is being allowed to revert. How much? Probably not much. As for curve control, X-posters say the Fed still holds $6.5 trillion USD of bonds on its balance sheet and the markets have limited say about rates as long at QT is in the tool box. The Biden Middle East peace was breached yesterday in Lebanon. Elsewhere in Lat AM Chile’s copper output is hitting pre pandemic levels. BRL is in the ditch as unemployment drops to all time lows.
USD BRL… oof…
In other markets this morning
The S&P is well maintained, albeit so bloated with complacency it can barely crawl to new highs.
The magnificent 7 are lolling under the highs as well. The trouble with a 50 trillion-dollar index is a trillion really doesn’t make a lot difference any more. Maybe two trillion? Let’s ask the BOJ…
On to Bitcoin, gold and silver, oil, FX and a curious misssing president elect.
