Japan, Bretton Woods 2.0, & The End Of The Carry Era

Le Pen Poised To Win French Elections? New Poll Shows Commanding First-Round Lead Summary: Polymarket Odds And New Polls Show Le Pen Leading France's Presidential Race New polling shows Marine Le Pen defeating every tested runoff opponent Nomura says markets increasingly favor the "fiscally prudent" right over the reckless left Nomura sees Europe lurching right during an 18-month election cycle France's Le Pen Leads French Presidential Race Early Monday, we previewed a Nomura report that expects an 18-month election cycle across Europe, shifting the continent toward populism, with elections scheduled this year in Germany and...

JPM's Dimon Warns Of "Skunk At Party," Talks Credit Cycles, Touts U.S. Military Power JPMorgan CEO Jamie Dimon began his annual shareholder letter on Monday by tying the bank's legacy to the nation's history: "In 2026, America is celebrating its 250th anniversary. This year, we are also celebrating the 227th anniversary of JPMorgan Chase, which was founded in April 1799." Quick Summary  Dimon used his annual letter to tout another year of record financial results, while warning that investors may be underestimating the risks building across the global economy. These risks include...

New Home Sales Unexpectedly Plunged In May As Prices Surged With Case-Shiller reporting existing home price declines in half of America's largest cities, New Home Sales were expected to rebound from April's ugly decline. But they didn't... at all... NAR reports that New Home Sales in May plunged 7.3% MoM (versus the 3.2% MoM rise expected). That print was below the lowest analysts forecast. April's 6.2% MoM plunge was revised up modestly to a 5.7% decline, all of which left new home sales down on a YoY basis... Overall, new home sales have really gone...