Weekly Update

The single biggest event of the week landed on July 8, when the RBNZ surprised markets with a hawkish hike…

The event we had circled as the dominant two-sided risk broke against us this week. Nonfarm payrolls for June…

The dominant force this week was the continued reverberation from new Fed Chair Warsh's hawkish FOMC debut — Bank…

The past week delivered the first meaningful regime crack in the hawkish-USD, hot-data environment that defined the past…

This week the macro tape delivered the sharpest single-session repricing of the cycle. The Japanese yen traded near 160…

The week was dominated by a single macro regime shift: oil's collapse on US-Iran ceasefire progress. Global…