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And the next Fed Chair is...
Podcast 20 minutes to read
Summary: Today, we await the imminent announcement of the identity of the next Fed Chair as Trump has two empty Fed board seats to play with and could fill one of them with his next Fed Chair nominee. We also talk earnings yesterday (AMD, Supermicro and Novo Nordisk) and upcoming earnings today, whether the USD bears are set to get the upper hand again here, key resistance that is still in place for US equities, some great links and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
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Today’s links
Links discussed in today’s podcast include:
On the climate/environmental front, are we set for the biggest ozone layer depletion scare since CFC’s with Elon decommissioning his Starlink satellites from low earth orbit, releasing nasty chemicals into the upper atmosphere?
How to think about a 2061 UK Gilt trading at 25 versus par value of 100.00. Worst case is you get par (in 2061). Useful perspectives on the ins and outs of long long bonds with hardly any coupon.
A gem of an article from Aeon telling us that For the 99%, collapse often has its upsides. This also reminded me of Peter Turchin’s “cliodynamics” and arguments that we are in an “End Times” phase that must be followed by upheaval, due to the scale of inequality, the “overproduction of elites” and other factors. Here is a podcast with Turchin if you don’t want to read the book - better yet, do both!
Here’s an X account I came across, a certain “SightBringer”, with a potent formulation on the geostrategic intent of the Trump administration. It’s all well put and forceful, but can the US get away with this power move or will some rebel against the “alignment enforcement” and highest stakes of all: how will China eventually respond?
Today’s chart: EURUSD
EURUSD snapped back higher and is threatening the highest levels in over a week. It’s critical to see how the USD trades on the other side of Trump’s likely incoming Fed nominations, and a close north of 1.1600 suggests that the pressure is back on the upside of the range toward the 1.1829 high and beyond.
Questions and comments, please!
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