The Precious Paper Problem: The Divergence In Western Bullion Markets

Key Events This Week: Jobs, Core PCE And ISM It's very busy week ahead with US payrolls (Friday) and PCE (Wednesday) as the blockbuster releases. The US ISM (Thursday) will attract outsized attention given the spectacular beat on the S&P PMI last week that sent 10yr US yields +15.2bps higher on the day. A huge move for such a report.  Global inflation will also be in focus outside of the US August PCE report with flash September CPI releases across Europe (Tuesday/Wednesday) and Tokyo CPI (Friday) all due. In Asia,...

Collateral Damage By Molly Schwartz, Cross-ASset Macro Strategist at Rabobank Negotiations between the US and Iran are going nowhere. In fact, they’re not really even happening at all. Over the weekend, Axios reported that Iran gave the US a proposal to reopen the Strait — not to end the war. The proposal includes extending the ceasefire and an assertion that any conversations about Iran’s nuclear program are off the table until the Strait is open and the US blockade is lifted. The US has not indicated whether it will accept or reject the...

Trump Slashes Tractor Tariffs In Bid To Revive Ag Belt Optimism The Trump administration appears to be trying to inject new optimism across the nation's farm belt following the China meeting last month, during which Beijing committed to making billions of dollars of new purchases of U.S. agricultural goods. The White House's latest move is to reduce tariffs on tractors and combines, a policy shift aimed at easing cost pressures on farmers already squeezed by diesel, fertilizer, and machinery costs. Late Monday, President Trump signed a proclamation slashing tariffs on...