Today:
Market Rundown
Bank run questions, JPM’s Marko.
1- Market Rundown:
Good morning. The dollar is down 22bps. Bonds are weaker, mostly in shorter dated. Stocks are strong up 30 to 75bps. Gold is down $27 at $1956. Silver FU1 is down 14c at $22.50. Crude is up 90c. Nat Gas is down 5c. Crypto remains strong acting like a tech stock now. BTC is up 60bps but ETH is up 4%. Grains are all down some with wheat down the most at 1.7%.
Comment: The bank run is ostensibly over. Triage has been done, and local regional banks are getting amputated while clients move to megabanks as ZH foresaw. The next risk is always unseen, but it is still deflationary risk as far as they’re concerned. And if it hits we get “temporary” QE direct. Now that inflation seems under control (like in 1976) Powell can soon declare victory and compromise by silently raising the inflation target then slowly back away from QT.
We will see how slowly tomorrow: specifically 25bps vs.0.0bps hike
Not So Zen Moment:
