Macro Regime Indicator: Up, Up, Up still!
In May we concluded that: “In May, our models hint of an “Up,Up,Up” environment in inflation, growth and liquidity, which is a decently positive...
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EM Watch: Is China making a fool out of Western metals speculants?
Hot on the heels of watching Powell’s press conference, which pushed back slightly against renewed rate-cut optimism, it’s clear that the Fed is...
962 Views
US CPI Review – Admittedly a soft report, but NOT the new normal
The CPI report today was admittedly softer than our initial hawkish forecasts, with headline coming in unchanged at 0.0% MoM vs 0.1% expected...
190 Views
Steno Signals #103: A blood-bath in metals in July!?
Happy Sunday from a windy Copenhagen!We’ve been yammering about the copper buildup on Chinese exchanges for months. Was it a strategic decision to...
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Portfolio Watch: Good news = no cuts = bad news (for metals)
The latest job report just dropped, and it’s music to our ears—solidifying our thesis once again. A few highlights:Construction Hiring: Markedly...
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