Steno Signals #104 – Get ready for a WAVE of liquidity in July!
While the rate of change is turning bearish on growth- and inflation, we may (temporarily) end up in a goldilocks scenario in July. Bonds tend to perform alongside equities in such a scenario. Buy risk and head for the summer cottage? To read the full article, sign up...
Macro Nugget: More liquidity and less pressure on the long end in June/July
The Treasury has reduced the sizes of short-dated bill auctions in early to mid-June, enhancing liquidity conditions. They plan to restore these auction sizes to February and March levels by July. This expected increase in bills auctions should add over $200 billion...
EM Watch: Is China making a fool out of Western metals speculants?
We are still observing China’s next moves in the copper market, as inventories at Chinese exchanges are booming while they are running low in the West. Meanwhile, our studies reveal that the physical demand in China is absolutely on the floor! To read the full...
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