Housekeeping: Good Morning.
“All Gold is monetary Gold ”
Today
Discussion: US To Isolate China From The Rest Of The World
Discussion: Brussels Properly Panics
Analysis:
The Mechanics of Panic: US Targets China Partners and Brussels Freaks
US Targets China Partners and Brussels Properly Panics
A Window into the Panic Room
The Mechanics of Panic
The WSJ Describes How
This Is Not New
The Mechanics of Panic
Conclusion: Without Collaboration, War Premium Awaits
Full Analysis in video/essay at bottom…
Featured:
Markets Recap:
Wall Street ended lower and Treasury yields fell after Powell's comments stoked concerns about economic growth and inflation pressures. Gold was up, while the dollar slumped. Oil rose on supply worries as new U.S. sanctions targeted Chinese importers of Iranian oil.
Market News:
“Federal Reserve Chair Jerome Powell warned that the central bank could have less flexibility to quickly cushion the economy from the fallout of President Trump’s trade war, sending stocks down on Wednesday. WSJ
“Nvidia has been caught by surprise by Donald Trump’s new export controls on its best-selling artificial intelligence chip in China, leaving the chipmaker and its clients to assess the damage caused by the US president’s latest salvo in an escalating trade war. FT
“Consumer spending was stronger than expected in March as demand remained high despite declining sentiment... CNBC
“The number of canceled sailings of freight vessels out of China is picking up as ocean carriers attempt to manage a pullback in orders due to the trade war and tariffs. CNBC
Data on Deck:
MONDAY, APRIL 14 6:00 pm Philadelphia Fed President Patrick Harker speaks 7:40 pm Atlanta Fed President Bostic speaks
TUESDAY, APRIL 15 8:30 am Import price index March 0.1% 0.4% 8:30 am Import price index minus fuel March -- 0.3% 8:30 am Empire State manufacturing survey April -10.0 -20.0
WEDNESDAY, APRIL 16 8:30 am U.S. retail sales March 1.2% 0.2% 8:30 am Retail sales minus autos March 0.4% 0.3% 9:15 am Industrial production March -0.2% 0.7% 9:15 am Capacity utilization March 77.9% 78.2% 10:00 am Business inventories Feb. 0.3% 0.3% 10:00 am Home builder confidence index April 38 39 12:00 pm Cleveland Fed President Hammack speaks
THURSDAY, APRIL 17 8:30 am Initial jobless claims April 12 -- 223,000 8:30 am Housing starts March 1.41 million 1.5 million 8:30 am Building permits March 1.46 million 1.46 million 8:30 am Philadelphia Fed manufacturing survey April 3.7 12.5
FRIDAY, APRIL 18 8:00 am San Francisco Fed President Mary Daly speaks
Summary and Final Market Check…
Premium:
US Targets China Partners and Brussels Properly Panics
“Unlike past crises that triggered coordinated global responses, this time there's no real prospect of policy alignment. That absence of geopolitical cohesion is a risk premium in itself. - Gold: $3,300 and the Beginning of Panic
According to The Wall Street Journal, the architect behind the latest U.S. trade strategy is Treasury Secretary Scott Bessent, who has taken a leading role in negotiations.
