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Today
Discussion: Mercantile Behavior on Display
Premium: Gold The last time this happened.. every time
Discussion:
Mercantile Behavior on Display
Markets closed higher yesterday…
Does This Actually Reduce Tariff Risk?
No…
The Bottom Line: Hartnett is Right. Buy Bonds, Buy international Stocks, and Buy Gold
The orange rectangle explains all…
The Golden and now Silver Genie is out of the bottle..
More at bottom…
News/Analysis:
Markets Recap:
Wall Street ended higher as markets weighed probable easing of trade tensions between the U.S. and its major trading partners. Treasury yields climbed, reversing earlier declines, as investors digested fresh economic data. Oil prices plunged on larger-than-expected U.S. stockpiles and OPEC+ decision. Gold rose on weaker dollar.
Market News:
Fed Beige Book stated overall economic activity rose slightly since mid-January and that six Districts reported no change, four reported modest or moderate growth, and two noted slight contractions,
New York Fed's Perli said balance sheet drawdown has been smooth and financial system reserves remain abundant but flagged the challenge of managing balance sheet cuts amid debt ceiling debate.
US President Trump said he is collaborating with House Republicans on a Continuing Resolution to fund the government through September.
Geopolitics/ Politics: GeoEconomics Uber Alles
White House said they will give a one-month exemption on any autos coming through USMCA and reciprocal tariffs will still go into effect on April 2nd, while it added that President Trump sees an increase in fentanyl flow through the Canadian border and there needs to be repercussions, although it was also stated that Trump is open to hearing about additional tariff exemptions.
US President Trump is reportedly considering agricultural carve-outs for Mexico and Canada tariffs, according to Bloomberg.
US President Trump posted on Truth that "Justin Trudeau, of Canada, called me to ask what could be done about Tariffs. I told him that many people have died from Fentanyl that came through the Borders of Canada and Mexico, and nothing has convinced me that it has stopped. He said that it’s gotten better, but I said, “That’s not good enough.” The call ended in a “somewhat” friendly manner! He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!"
US Secretary of State Rubio discussed trade, borders and the economy with Canada's Foreign Minister Joly, according to Bloomberg. It was also reported that Canada's Foreign Minister said conversations with the US were happening and things were very fluid, while she said Canada could use oil and gas exports as a lever in negotiations if US tariffs continue.
Alberta Premier Smith said Alberta is to alter procurement practices amid US tariffs and that the US can't be dominant without Canada, while Smith added that Alberta is to focus on energy exports to non-US markets.
Mexico's Pemex said it will not give discounts on its oil to US buyers because of tariffs and it is in talks with potential buyers in Asia and Europe amid Trump's tariffs, while potential Chinese buyers are said to be interested in Mexican crude.
Brazilian Vice President and Minister of Development, Industry, Trade and Services Alckmin is to talk with US Commerce Secretary Lutnik on Thursday.
Data on Deck: Jobs
MONDAY, MARCH 3 U.S. manufacturing
TUESDAY, MARCH 4 speakers
WEDNESDAY, MARCH 5Fed Beige Book
THURSDAY, MARCH 6.US. productivity (final)
FRIDAY, MARCH 7 U.S. jobs report1
Summary and Final Market Check
