We've had a little bit of a relief rally because the ISM was softer than expected, but the prices paid were higher so it's hard to get too excited about it one way or another.
If you were looking for something to tuck away for 30 years, this would not be it.
A lot of people think we're right near the turning point for the Fed, but I don't think we're going to get a lot of information tomorrow.
In terms of gold it does suggest people are trying to find other places to put their dollars but it's not an inflation story because TIPS just aren't doing anything.
Pausing amidst robust data contradicts earlier statements that they are data dependent. If you were someone who was looking for the Fed to protect your fixed-income investment, if they pause and they're wrong, inflation pressures can build in that period.
There's a sense in the market that the Fed is interested in stopping soon.
Volumes are very thin, and now we've finally got the 10-year above 5 percent for the first time in four years.
Copyright © 2024 Electric Goat Media. All Rights Reserved.