Morning Brief2 min read
Quiet Yields, Rising Freight
Treasury yields stalled ahead of US inflation data while record diesel prices quietly build cost pressure that bond markets aren't pricing in yet.
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Morning Brief2 min read
Rate Hikes and Line Defense
USD/JPY plunged over 700 pips on suspected intervention even as the Bank of Japan signals a rate hike, a reminder that direct FX action and monetary policy pull in different timeframes.
Morning Brief2 min read
The Asymmetry of Disinflation
Stocks and yields both rose ahead of US payrolls, but positioning stayed hyper-sensitive to a labor surprise that could quickly reprice rate expectations.