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http://trackresearch.com/articles/the-morning-track-rainbows/
The USD is lower, global stocks higher, fears about US tariffs have been countered by a united front of allies pushing back against the US policy ahead of the weekend G7 meetings in Quebec. The weekend had little to no news of consequence leaving markets glowing in the hopes for a pot of gold behind the rainbow. The hope for coordinated global growth with modest inflation and slowly normalizing central bank policy makes for risk-on moods. Many want to believe this lasts the summer. There are some things that don’t connect here – like the US isolation and the hope for global growth. The disconnect is in oil which is lower and bonds being higher. Bonds reflect growth hopes, but oil has a demand function to its price and the ability for $64 to hold in WTI and the catch up in Brent seems important and perhaps the blind spot in the colors of green across the screens today.
The Morning Track rainbows
- The Morning Track - Rainbows by Bob Savagehttp://trackresearch.com/articles/the-morning-track-rainbows/
The USD is lower, global stocks higher, fears about US tariffs have been countered by a united front of allies pushing back against the US policy ahead of the weekend G7 meetings in Quebec. The weekend had little to no news of consequence leaving markets glowing in the hopes for a pot of gold behind the rainbow. The hope for coordinated global growth with modest inflation and slowly normalizing central bank policy makes for risk-on moods. Many want to believe this lasts the summer. There are some things that don’t connect here – like the US isolation and the hope for global growth. The disconnect is in oil which is lower and bonds being higher. Bonds reflect growth hopes, but oil has a demand function to its price and the ability for $64 to hold in WTI and the catch up in Brent seems important and perhaps the blind spot in the colors of green across the screens today.
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Robert Savage
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