September 13, 2024

LOCKED MI2 Chart Point: Silver Miners

Nick Timiraos’s WSJ article and one from his peer at the FT have helped fuel a frenzy of expectations that Powell is pushing for a 50bps cut at next week’s meeting. For the record, this would be highly divisive within the FOMC.

September 13, 2024

LOCKED Japan Update: BoJ’s Tamura Repeats Policy Outlook and Adds Timetable

BoJ’s Tamura Repeats Policy Outlook and Adds Timetable
USDJPY Falls to 140 as Market Awaits Fed Rate Cut
20-Year JGB Yield Drops on Prospect for Narrowing Yield Spread
August Corporate Price Index Slows as Yen Strengthens
Central Tokyo Office Vacancy Rate Falls
Overseas Investors Sell Japanese Shares as Yen Strengthens

September 13, 2024

LOCKED Macro Insiders: In Focus from Julian – Batten Down The Hatches

The employment picture is souring. The Fed is focussed on employment more than inflation. In response to economic weakness, rates and bonds anticipate 250bps of rate cuts in the next twelve months. Equities want to look through the storm to plain sailing in the future. Can they really? Julian thinks not.

September 13, 2024