The Fed's Real Job: Propping Up Dollar Reserve Currency Status

Stocks Jump, Oil Tumbles After IEA Calls Extraordinary Meeting To Decide On SPR Release With oil reversing much of the overnight losses as we neared the start of US cash open trading, futures slumped and it felt like we were back to square one.  That's when the jawboning out of the G7 members - many of whom are already at their breaking point in terms of soaring input costs - decided to double down on the jawboning rhetoric from yesterday - and hinted strongly that an SPR release could be imminent.  The...

Brent Pushes Higher After Trump Orders "Extended Blockade" - Huddles With Oil Execs Over Hormuz Summary Trump recently met this week with oil and gas executives at the White House to address energy fallout, and as oil pushes higher: Axios. Trump warns Iran to "get their act together" and to "get smart" - and for the second time writes "no more Mr. Nice Guy". Trump in 4am Truth Social post: "Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Fresh White House statement...

US Jobs Soar By 172K In May, Smashing Estimates In 4 Sigma Beat; Unemployment Rate Remains At 4.3% With Wall Street expecting a strong - not great - number, and a modest decline from April's 115K, moments ago the BLS reported a shocker: in May the US added 172K jobs... ... not only a 4-sigma beat to the median estimate of 88K, but also above the highest estimate of 125K. The change in total nonfarm payroll employment for March was revised up by 29,000, from  +185,000 to +214,000, and the change for...