Gold, Crude Oil Prices Soar on Rising Middle East Tensions, FOMC Next

Headline CPI inflation decelerated in June to 2.7% year-on-year (y/y), right on consensus expectations and below last month’s 2.9% y/y print. The deceleration was led by gasoline prices, which dropped 3.1% month-on-month (m/m), compared to the +5.6% m/m gain last month. This follows OPEC+’s announcement of the phase out of prior production cuts. Lower prices […]

U.S. Highlights The Federal Reserve held the policy rate steady this week and signaled that rates will likely remain higher for longer. The U.S. jobs engine slowed in April, adding 175k jobs. The unemployment rate rose modestly to a still low 3.9%. Last year’s productivity surge has come to an end. Productivity growth slowed to […]

There is a classic risk aversion in the markets, reminiscent of what we saw some 16 years ago in 2008. The sell-off in U.S. markets does not look extreme yet, although Japanese markets are recording their worst day since Black Monday 1987, and trading has been suspended in Korea, Turkey and Taiwan. The spike in […]