FOMC minutes first, then all ears and eyes this week on Jackson Hole, where the conference is called : “Reassessing the Effectiveness and Transmission of Monetary Policy.” >>>> might get a clear signal for Sep FOMC meeting, although note FED is data dependent, so they will still have Sep NFP before the meeting >>> Fed Meeting Minutes - Wed, S&P Global Services PMI data and July Existing Home Sales data - Thursday 4. July New Home Sales data and Fed Chair Powell Speaks - Friday 6. Total of 4 Fed speaker events this week
#USDollar soft overall, GOLD main conduit, note on Wed, U.S employment data will be revised down 600K to 1.2mio is the range of expectations, #USDJPY probably topped out again in resistance area 149-151 JPY. SPX500 and other indices, went from oversold/fear 5th August to well overbought by last Friday, shorts should get some interest to sell again (Powell unlikely to call and satisfy markets with a 50bps call in Sep, with over 100bps priced in for 2024, there is room for disappointment)
Friedman “Not such a thing as unbalanced budget you either pay it: - via taxes - via inflation - or via borrowing, keep your eyes on one thing only, how much the government is spending”
U.S debt has gone from $22trn to $35trn over the last 5years, some 60% increase, and next to nothing will be done about it (and go higher till it becomes a crisis) >>> markets beginning to price this via a softer #USDollar #GOLD making new highs etc
Bernstein Reiterates Tesla As Underperform - CNBC "We don’t believe that Tesla will be able to regain share or grow materially until it launches all new, lower priced offerings – likely only in 2026 and 2027 – and believe the company’s valuation is increasingly disconnected from prevailing fundamentals." ...(like the CEO..)
Nikkei Asia: "ETF gold demand reached net inflows of 48.5 tonnes, or $3.7 billion, in July, according to the World Gold Council. It was the highest level since the record 185.4 tonnes in March 2022
FED's Goolsbee said the labor market and some leading indicators on the economy are flashing warning signs, adding there are concerns unemployment will continue to rise. “Historically, if the unemployment rate starts going up, if temporary employment numbers go negative, that’s kind of a leading indicator,” Goolsbee said on National Public Radio Friday. “There are some various leading indicators of recession, and some of those are giving warning lights, but there’s cross currents”
China's youth unemployment rate climbed to 17.1% in July
There are 476K new homes for sale in the U.S, the highest inventory since Feb 2008
JeffCurrie / Gold, Oil, and Copper Prices Are Set to Rise, This Energy Analyst Says. What’s Driving Demand Now
Taiwan's #gold reserve supports value of national currency: Central bank
Harris releases economic plan aiming to lower housing costs, end price gouging (msn.com) >> nothing really concrete, lots of spending ideas, cut student debt, nothing about U.S debt, it will continue to go through thew roof.. #USD
Gold, Oil, and Copper Prices Are Set to Rise, This Energy Analyst Says. What’s Driving Demand Now. (msn.com)
David Rowland..
Too much traffic
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