Inflation appears to be moderating, and the US jobs market remains resilient although perhaps showing some cracks. Mr Trump used the inflation data as a reason to justify "demanding that" the Fed slash the Fed Fund rate by 100bps. Trade policy continues to zigzag, with investors starting to mostly ignore the rhetoric coming from the administration. Stocks and bonds were better through Thursday, with gold higher and the greenback weaker. The Israeli bombing of Iran overnig

US economic data is suggesting a slowing US economy, with the question about tariff-inflation unresolved. Unlike the Fed, the ECB continues to ease, lowering its policy rates 25bps on Thursday (for the 8th time). Risk markets remain relatively resilient, and bond yields improved, too. The Trump-Musk feud has grabbed headlines this week.

This week had a double trade war "positive" for investors, excellent earnings, strong earnings and a favourable outlook from Nvidia, the 2025 Bitcoin conference in Las Vegas, the release of minutes from the last FOMC meeting, and a poor Japanese 40y bond auction.

All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

President Trump has been in the Middle East this week with a contingent of US business leaders and his finance / economics team, cutting...

Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

Markets are at last returning to some sense of normalcy, with the S&P 500 now clawing back all of its losses since the infamous...

This is the early edition of the weekly, covering earnings (TSLA and GOOG), Trump capitulation (again) and 2024 en primeur Bordeaux campaign

There will be no "Fed put" according to Mr Powell, which rattled markets and evoked a response from Mr Trump. US equities slumped again.