Good morning from London.
Last week saw massive twin rallies in Commodities and Crypto, while equities traded lower. Scott Bessent’s Treasury buy-back plan has triggered a selloff in the US Dollar that triggered these two rallies on the concerns of a “Treasury QE”.
The major fireworks for this week will likely wait for Kevin Warsh’s inaugural Jackson Hole Symposium speech on Friday. We saw equity selloffs at the end of August - beginning of September in both 2024 and 2025 following the event.
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Disclaimer
This newsletter is intended for educational purposes only. Any information or analysis in this note does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Nothing in this note is intended to be investment advice, nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.