Good Morning!
Mixed signals from the Middle East, with missile exchanges between Iran/Israel and the US trying to de-escalate and push an agreement while each side retaliates. Risk assets have been struggling as bond markets globally have begun pricing in rate hikes expected as early as this week! The ECB is expected to start hiking rates tomorrow, after almost three years, while the BoJ is forecast to continue hiking at its next meeting next week. The Fed, however, is expected to keep rates unchanged next Wednesday, despite recent increases in rate-hike expectations. The recent stronger labour data does not help build the case for rate cuts or even diminish the odds for a hike soon.
Besides Central bank meetings, today US inflation is expected to tick up on a monthly basis but softer year-on-year, while PPI is expected to be softer tomorrow.
Important Dates
WE CALLED IT
NEAR — Long
+30%
$2.2 → $3
JTC — Spot Buy
+80%
50% taken off already
WIZARD’S WEEKLY MUSING
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