Quotes from the news wire:
We are still getting markets responding positively to the lower volatility in the bond markets and lower yields, and a sense that inflation will be reasonably temporary so the Fed won’t have to slam the breaks on, i suspect in the next 24-48 hours we’ll see a lot of chop, first on the upside, then a little correction as the market positions itself, and then we’re off to the races if we get the green light from the Fed Thursday morning.
There is this curious situation now where the Reddit crowd has turned its sights on a bigger whale in terms of trying to catalyse something of a short squeeze in the silver market, the most important factor here is that silver is heavily shorted, the paper market is much, much larger than the underlying commodity can justify.
We’ve had a lot of speculation recently that the Biden stimulus package won’t be negative for the dollar at all, in fact it will be a positive thing just on the basis that it should lead to U.S. economic outperformance, but I think if you look at more of the trends in the market at the moment, and we go back to the business cycle, we’re really only at the beginning of this uptick in the global recovery, and a necessary ingredient of that is a weaker dollar.
One thing that the market has been concerned about is that on his (way) out of office Trump would look for some retribution on China. So this news speaks to that fear, at the end of the day, the market knows he only has six weeks left. The broader focus is still on vaccine roll-outs and U.S. fiscal stimulus.
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