All Macro-Thematic Trend Reports:

USD- and oil-driven feedback loop in TLT & global duration has begun going critical.  Buckle up. (FFTT, 9/26/23)

Remember – the pain trade is higher yields.     -Former NY Fed trader Joseph Wang, via X (Twitter), 9/21/23 There appear to be no brakes on this train.     -FFTT, 9/22/23  It is an incredible set-up – despite all of the above, consensus remains bullish on long-term USTs.  We remain bearish on TLT and believe the set-up above could soon drive a feedback loop that drives a long-term UST yield spike.  Imagine TLT dropping 10-20 points in

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China uses gold to defend the CNY as Shanghai gold premiums blow out to $120/ounce

Perhaps we should think in this way: in “cold war” of modern exchange rates, “digital currencies from reserves are used”; however, when “hot war” of major default does begin, “nuclear weapons of GOLD” are deployed!     – Anonymous monetary theorist “Another”, 5/21/98 China increases its gold reserves in order to “kill two birds with one stone.”  According to China’s National Foreign Exchanges Administration…The US & Europe have always suppressed the rising price of gold. They intend

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BOJ, Fed, White House make half-hearted attempt to weaken USD and oil post-G20 meeting; will it work? (FFTT, 9/12/23)

Fed officials are turning more cautious about raising rates too high now that inflation is finally showing signs of the rapid declines that they’d long anticipated.  A rate pause in September will give the Fed more time to see if recent progress continues.     – WSJ Fed reporter Nick Timiraos, 9/10/23 Bank of Japan Could End Negative Interest Rate Policy; Ueda Tells Yomiuri Shimbun He’s Watching Wages, Prices     – Reuters, 9/8/23 Top Biden spokesman John Kirby

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