Housekeeping: Good Morning.
Nixon took us off the gold standard in 1971. Now we run recessionary deficits in an expansion.
Contents
Yesterday’s Activity
Today’s Prices
Today’s Data
Markets/Metals Commentary
What We’re Reading
Markets:
Commodities, Stocks, Precious Metals, Bonds, BTC, FX
Yesterday’s Activity:
US equities closed slightly higher on Friday after a stronger than expected jobs report.
The Nasdaq edged up 0.09%, while tech slipped 0.03%,
The VIX dropped 5.52% to 13.35. The 30-year and 10-year Treasury yields finished at 4.206% and 4.051% respectively, while the 2-year yield ended at 4.393%
DM and EM currencies weakened against the dollar related to dovish assumptions about rate cuts
Current Prices:
Gold is front-running the Fed not easing, stocks are not
Today’s Data:
MONDAY, Jan. 8
3 pm Consumer credit Nov. -- $5.2B
Total Calendar1
News
AntiTrust cases will increase as election nears Apple/Google/Meta all targeted- similarity to metals
Jobs Number- health services, government, and leisure and hospitality – accounted for more than 75% of the job growth in December.
Markets/Metals Commentary:
Nixon took us off the gold standard in 1971. It sparked a volatile/interesting decade. Politicians struggled to bolster faith in paper money. Volcker crushed inflation. Then for decades, the US pursued a somewhat sober economic policy.
