The Reflexive Rally Was Not Surprising

Ahead Of The Fed: Bessent, Bullion, Bans, & Hawkish Bias Authored by Peter Tchir via Academy Securities, Before jumping into the Fed, let’s just spend another minute on diesel, and Bessent’s “Performance” which along with Warsh’s Difficult Task, were formed the bulk of last weekend’s Never Forgotten! And Some Work Stuff… Bessent’s "Performance" & Bullion On the Treasury buyback, we didn’t even get to the full $6 billion. The buyback focused on off the run treasuries, deemed as “cheap”, but not cheap enough that the Treasury Department would “overpay”. If you really want to move bond...

Goldman Stock Slides After FICC Unexpectedly Misses Despite Highest Overall Profit In 5 Years Goldman Sachs reported its highest quarterly profit in five years, as the bank's equities traders beat their own previous all-time quarterly high revenue by more than $1 billion thanks to a surge in market volatility due to the war in Iran; however this stellar performance in equities was offset by an unexpected drop in FICC revenues. Here are Goldman's Q1 results in a nutshell: EPS $17.55, exp. $16.41 Net revenue $17.23 billion, +14% y/y, exp. $16.95 billion Equities sales &...

Yen Surges As Jittery Traders Expect Imminent Intervention After Japan Reveals New Strategy To Wipe Out Shorts After plunging to a fresh 40 year low overnight, the yen strengthened sharply against the dollar amid rising speculation that the currency’s continued weakness may prompt a fresh round of intervention by Japan. The yen then surged again after the June US jobs report showed a much weaker picture than expected. But let's focus on the first, more unexplained move, which took place just after 2:30am ET, when the Yen rose as much...