Housekeeping: Good Morning.
“Real worries in [Asia] that the recent strength in US CPI, reinforced by ongoing resilience in the economy, will mean a Fed that can only barely cut this year’
NatWest Global Head (prem)
Contents
Current Prices
Yesterday’s Activity
Data Due
News
Markets/Metals Commentary
Attached: NatWest and ING on Commodities
Chart of Day:
Yesterday’s Activity:
Precious Metals- gold buying went to market, Silver hedging
Oil/NG- big move, but range bound
US equities-very strong
Bonds- very strong
DX- stable
Crypto-stable
Week’s Data:
MONDAY, FEB. 26 New home sales
TUESDAY, FEB. 27 Durable-goods orders
WEDNESDAY, FEB. 28 GDP (first revision)
THURSDAY, FEB. 29 PCE index 0.3% 0.2%
FRIDAY, MAR 1 S&P U.S. manufacturing PMI
Full calendar1
News:
Top MSM News Links Here
NOTABLE HEADLINES
"Warren Buffett has warned Berkshire Hathaway shareholders that his sprawling $905bn conglomerate has virtually “no possibility of eye-popping performance” in the years ahead, laying bare the challenges that will confront his successors
"The AI chip battle that Nvidia has dominated is already shifting to a new front—one that will be much larger but also more competitive
"Apple has explored the idea of developing new wearable devices — including a fitness ring, smart glasses and even AirPods with cameras
GEOPOLITICS
Israeli PM Netanyahu said that they are all working on a hostage deal
Israel’s Defense Minister said there will be no let up in Israeli action against Lebanon’s Hezbollah movement
White House National Security Adviser Sullivan said Israel, Egypt, Qatar and the US came to a basic understanding of the basic contours of a hostage deal for a temporary ceasefire
US military aircraft intercepted a balloon over Utah on Friday which was said to be small and not manoeuvrable, while the balloon was allowed to continue flying as the US concluded the balloon was not a threat to civil aviation or national security.
Ukrainian President Zelensky said he hopes a peace summit in Switzerland will take place in spring
Ukrainian President Zelensky said a US aid package is needed
UK PM Sunak called for Western countries to be more aggressive in seizing frozen Russian assets and passing the proceeds on to Ukraine to finance its defence, according to Bloomberg.
Russia’s Deputy Foreign Minister said contact with the US over nuclear weapons in space has proven to be unproductive
Some headlines via NewSquawk
Markets/Metals Commentary (Charts):
Comment:in March RRP will likely run empty closing out a source of liquidity used to finance the incessant treasury issuance needed to finance this Fiscal Dominance everyone is talking about. When that happens in combination with the BTFP closing its doors, you may see Yellen’s DoT put Powell once again in their cross hairs pressuring to ease
Gold- below 2024 look out, close above 2041 look up
Silver- short, short cover, repeat cycle
Oil- stable with a lot of selling
Stocks- reminds me of 2013-2015
BTC/ETH- rotation seems toppy short term
Bonds- may begin to reflect RRP ending and govt shutdown fears
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