QRA up by $41bn in for Q2 / China PMI >50 / #URA / FOMC preview : risk of a hawkish pivot

FOMC : The upside surprise to inflation in the US in Q1 2024 was not echoed in other developed economies. GS notes that while 3 consecutive months of upside surprise is hard to dismiss, unusual idiosyncratic factors appear to the underlying drivers, meaning the narrative for broad disinflation remains intact >>> this is the 1st meeting Powell will have to talk/answer questions after 2-3months of higher-than-expected inflation
The Treasury Department said Monday it expects to borrow $243 billion in the second quarter, which is $41 billion higher than previously estimated
One crazy stat : 30% of SPX500 trades now occur just before the close, stocks trade for 390 Minutes a day. Increasingly, only 10 matter
U.S. looking to ban enriched uranium imports from Russia
SNB president warns of potential inflation shocks in Switzerland...and yet he just cut rates
China's April manufacturing PMI moderated to 50.4 but still points to expansion for A second consecutive month
Japan’s Vice FinMin for international affairs of FX, “We are ready 24 hours, so whether it's London, New York or Wellington, it doesn't make a difference”, they have a fight on their hands
China says Hamas and Fatah express political will for reconciliation

Althea Spinozzi on X: "🇺🇸FOMC preview: challenging the March dot plot 🧸This week's FOMC meeting might reignite the bear- steepening of the yield curve Delays in interest rate cuts mean: ➡️Front-term yields anchored ➡️Long-term yields sensitive to growth and inflation 👇https://t.co/u4wzymAfau " / X (twitter.com )

GOLDMAN: “.. We expect the next few inflation reports to be softer and have therefore stuck with our forecast of cuts in July and November, but even moderate upside surprises could delay cuts further. .. We continue to think that rate hikes are quite unlikely because there are no signs of genuine reheating at the moment, and the funds rate is already quite elevated. It would probably take either a serious global supply shock or very inflationary policy shocks for rate hikes to become realistic again. And even then, the FOMC might prefer to hold the funds rate steady at a high level unless the shocks seemed likely to spark a broader and more persistent inflation problem.”

Treasury raises its second-quarter borrowing estimate (msn.com )

China's April Manufacturing PMI Moderated To 50.4 But Still Points To Expansion For A Second Consecutive Month | MENAFN.COM

U.S. looking to ban enriched uranium imports from Russia (msn.com )

SNB president warns of potential inflation shocks in Switzerland - SWI swissinfo.ch

Alexander Stahel 🇺🇦🇮🇱 on X: "Understanding gold prices used to be straightforward: one had to have a view on the direction of US real rates to hold, buy or sell gold. Gold traded inversely to real rates for decades as fast-money ETFs in the West had to buy, hold or sell physical gold based on the changing… https://t.co/oVUII93YRd " / X (twitter.com ) some very good points made here

Supreme Court rejects Elon Musk's challenge to the SEC's 'muzzle' on his tweets (qz.com )

Musk goes to China and shares up 15% - easy manipulation

Inflation in UK shops slows amid price cuts on clothes and shoes | Retail industry | The Guardian

Finally some good news

Let’s Make Sure Brexit Isn’t Ignored This Election - a Politics crowdfunding project in London by European Movement UK (crowdfunder.co.uk )

Kari Lake Speaks Out About Donald Trump 'Rift' (newsweek.com )

Russia Deploying New AI-Powered Anti-Drone Devices (newsweek.com )