“At the 1971 G10 Rome meetings, during the Nixon administration, then-Treasury Secretary John Connally said to a group of European finance ministers, “The dollar is our currency, but it’s your problem.” Following a 25%+ rally since the low in October 2023, U.S. and global equity market finally saw the return of volatility and correction amongContinueContinue reading “The Unlikely Duo: Greenback Supremacy and Upturn for Base Metal Prices”
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Fiscal Dominance, Softening Employment and Manufacturing Relapse
U.S. 10-year treasury yield rose significantly (+60 bps) in October amid strong Q3/23 GDP, reaching as high as 5%, before abruptly reversing this week following favourable treasury funding plan, lower-than-expected ADP employment and non-farm payrolls, and unexpectedly weak ISM manufacturing PMI. This trifecta of good news for bonds has translated to U.S. 10-year yield fallingContinueContinue reading “Fiscal Dominance, Softening Employment and Manufacturing Relapse”
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