Good chart from the IMF (in Georgieva's curtain raiser) showing that the story of 2025 has been the deprecation of the Chinese yuan, not the depreciation of the dollar (the dollar is back where it was in 2024, China is much weaker) 1/4

We're in a global debt crisis. To see that, don't look at 30-year yields, which get pulled down by falling short-term yields. Look at 10y20y forward yields (red) that strip out short-term yields. Those are up everywhere and at alarming levels in places like Japan, UK and France.

How will recent job growth look after today's Current Employment Statistics (CES) preliminary benchmark revisions? Glad you asked. Here's a look at monthly job growth if we include the revised data and carry forward that monthly pace of negative revisions through August.

Putin’s advisor Kobyakov: The U.S. has devised a crypto scheme to erase its massive debt at the world’s expense. “The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars. These two sectors (crypto

America’s Coming Crash: Will Washington’s Debt Addiction Spark the Next Global Crisis?

Government bond liquidity has never been worse: The Bloomberg Government Bond Liquidity Index hit a record 6.5 points on Monday. A higher reading in this index means LESS liquidity for global bond markets. The index has DOUBLED over the last several months, as government

This is historic: The market value of the US bond market has fallen to just 68% of the stock market’s value, the lowest ratio since the 1970s. This share has HALVED in 14 years as stocks have widely outpaced bonds. To put this differently, the US stock market is now 50% larger

Events are not unfolding quite as this article imagined, but the explanation of what nay happen is the best I've seen. A key difference this time are new barriers to capital flight which arrived 2 years ago Read the entire article. I provide a teaser below. The next week - Jings

Call for Papers: Britain’s Return to the Gold Standard in 1925 Revisited; London; 24 June 2025 -

Modeling how an alternate dollar system may emerge outside Western control, first driven by sanctions fears, but ultimately sustained by the currency's self-reinforcing liquidity, from @acoppola4, @ProfArvindKrish, and @chenzix https://t.co/EjhBNzwzRS

#Fed cuts benchmark by 25bps to 4.25-4.5% as expected, BUT w/one dissent. Cleveland's Hammack dissented in favor of no cut. Hammack’s is the 1st dissent by a regional bank president since Jun2022. Median forecast of Fed policymakers for the end of next year is now 3.9%. That

Something big is happening in bond markets. Thread. 1/

Trump’s blessing on bitcoin could back-fire big time. Many are hoping China “stimulus” helps hard commodities get a durable bid, or USD falling does. But not gonna happen if Bitcoin + crypto keep rising. Why? BTC serves as the off-ramp to suck out any liquidity that would

Gold is making history: For the first time in history, both gold and the S&P 500 could post a +30% annual gain. While central banks call for a "soft landing," they are STOCKPILING gold which is on track for its best year since 2010. What is happening here? (a thread)

Der Abwärtstrend scheint aber auch bei den Auslandsaufträgen nicht gebrochen zu sein. Die Spitzen dürften Großaufträge sein.

@ChampInMyDNA i don't think people should flirt with others when they're in a relationship

«President Trump Is Going to Be Disciplined by the Bond Market»: Marko Papic @Geo_papic @bcaresearch chats with @MarkDittli about the #Trump Trade, #inflation, trade wars – and what it all will mean for investors 👇 cc @jessefelder @RonStoeferle https://t.co/ksjSFzglKz

Lorie Logan: higher productivity growth, higher investment demand => higher R* and less room to cut. https://t.co/G3uykQ5eF0 @SteveMiran

“The most wonderful aspects of genuine and profound love, which is nothing but beautiful, is that our beloved, notices none of our flaws. A great deal of our ill will disappears, whereas our goodwill is tripled.”

The S&P 500 is now up over 25% in 2024, the best start to a year since 1995 and 11th best in history. $SPX Video: https://t.co/9TyPhuplSB