Steno Signals #198 – A 20–25% Weaker USD May Solve All Trump’s Problems
Morning from Europe. Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by...
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The Drill – The Commodity “Super”cycle
Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...
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Steno Signals #197 – The Mood(Y)’s Is Bad in the Fiat
Morning from Copenhagen ahead of a big week. I was coincidentally sitting in front of the screens when Moody’s announced its downgrade of the US...
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The Drill – When the Facts Change, So Do We
Greetings from Copenhagen. The global macro landscape is shifting rapidly, with U.S. policy priorities evolving just as quickly. The...
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Steno Signals #196 – What’s next for inflation given the US/China pause?
On the heels of the US/China “pause” announcement in the trade war, here’s a quick take on market implications and what to watch next:The initial...
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