FTSE 100 outperforms as oil price heads lower Oil prices edged lower despite US Treasury Secretary Scott Bessent declaring that an ‘economic D-Day’ had begun against Iran. Evening Standard · Aug 24
First Thing: New Fed chair Kevin Warsh faces early test amid bond market worries Key speech to be delivered this week at Jackson Hole said to focus on productivity and demographics in the US. Plus, how do you vaccinate 1,000 little penguins in the wild? The Guardian - UK · Aug 24
Stocks Set to Open Lower as Chipmakers Get Hit, Nvidia Earnings and Warsh’s Jackson Hole Speech Awaited September S&P 500 E-Mini futures (ESU26) are down -0.19%, and September Nasdaq 100 E-Mini futures (NQU26) are down -0.59% this morning, pointing to a lower open on Wall Street as chipmakers came under pressure at the start of a pivotal week. Barchart · Aug 24
Bessent Wants to Bring Treasury Yields Down. Warsh Could Complicate the Plan. While Bessent has tools that can affect the supply and structure of government debt, a sustained attempt to push Treasury yields lower could eventually require cooperation from the Federal Reserve. International Business Times · Aug 24
Muthoot Finance, Manappuram Finance shares rally up to 11% in 4 days as gold crosses Rs 1.63 lakh Gold loan stocks Muthoot Finance, Manappuram Finance and IIFL Finance gained sharply as gold prices climbed on a weaker dollar and liquidity support from the US Treasury. Investors are watching US inflation data and Fed signals at Jackson Hole. Rising gold prices and geopolitical tensions continue supporting demand for gold-backed… The Economic Times · Aug 24
Iran’s rial falls to record low as Scott Bessent warns of ‘economic D-day’ – as it happened US Treasury secretary to announce sanctions against Tehran at a press conference at 1pm EDT (6pm London time) The Guardian - UK · Aug 24
New Fed chair faces critical test at Jackson Hole as inflation fears mount Investors will hope Kevin Warsh offers ‘comfort blanket’ at annual meeting of central banks amid bond market anxiety The Guardian - UK · Aug 24
US Stock Market: Nvidia earnings, Jackson Hole to test strength of AI-led stock rally Nvidia’s earnings and Fed Chair Kevin Warsh’s Jackson Hole debut are poised to test the AI-driven stock rally. Rising Treasury yields, inflation concerns and shifting rate expectations have increased market uncertainty, while investors await Nvidia’s outlook on AI infrastructure demand and fresh economic data for clues on monetary policy. The Economic Times · Aug 24
Gold prices rise Rs 8,200/10g in 4 days; silver falls Rs 1,800/kg ahead of US inflation data. Buy, sell or hold? Gold extended its winning streak on MCX, rising for a fourth straight session, while silver snapped a three-day rally as investors tracked the dollar and awaited key US inflation data and Federal Reserve Chair Kevin Warsh’s speech. Analysts expect precious metals to remain volatile, with key support and resistance levels… The Economic Times · Aug 24
The Treasury's recent moves in the bond and currency markets add up to 'soft-form financial repression' to lower debt costs, economist warns “If the market price of USTs is not ‘allowed‘ to adjust down, the foreign exchange price of UST owned by foreign investors has to adjust via a weakening in the dollar.” Fortune · Aug 23
Nvidia Earnings, Jackson Hole and Other Key Things to Watch this Week This week, all eyes will be on Nvidia earnings and Fed Chair Kevin who will deliver his first major economic policy address at Jackson Hole. Barchart · Aug 23
Jumpy bond markets make it clear: Trump risks driving US into debt crisis Treasury secretary Scott Bessent’s attempt to calm bond markets is a sign of weakness not strength The Guardian - UK · Aug 23
Will Wall Street Toast Nvidia's Numbers Or Warsh's Jackson Hole Playbook Investors will be chasing clues these events may offer on whether the artificial intelligence-led stock market rally would be able to sustain itself amid uncertainty over growth and interest rates. Despite Warsh's aversion to offer guidance, investors would expect at least broad clues on how the Fed intends to approach… International Business Times · Aug 22
The Week Ahead (Aug. 24-30): U.S. To Unveil Plan Isolating Iran’s Economy Federal Reserve Chair Kevin Warsh to make Jackson Hole debut, China’s top legislature to review enterprise bankruptcy law draft revisions Caixin Global · Aug 21
Fortune · Aug 21 Wall Street is bemused by Bessent's bond plan and an unwinding punt on the Japanese yen—he's hinting he knows something the markets don't "What do I know that the market doesn’t know?"
The Independent UK · Aug 20 Why Treasury Secretary Bessent's moves to calm the bond market haven't worked so far Interest rates rebounded Thursday despite efforts by Treasury Secretary Scott Bessent to put a lid on longer-term borrowing costs
Fortune · Aug 20 Scott Bessent on the national debt: 'There's nothing magic about the $40 trillion number' "We can grow our way out of that," the Treasury Secretary told CNBC on Thursday.
The Economic Times · Aug 20 US dollar at 3-month low as Treasury moves to soothe bond jitters The U.S. dollar weakened near three-month lows as Treasury bond buybacks calmed markets. Long-term Treasury yields retreated from recent nineteen-year highs after the Treasury's announcement. Federal Reserve meeting minutes revealed policymakers' concerns about persistent inflation and potential rate hikes. The Japanese yen found some relief from its recent sharp depreciation…
The Economic Times · Aug 20 Global Market: Treasury bond buybacks complicate Fed’s path to price stability The U.S. Treasury has doubled its planned buybacks of longer-dated government debt to at least $4 billion per operation, easing pressure on long-term bond yields but raising questions over its growing influence on financial conditions and the Federal Reserve’s monetary policy strategy.
The Economic Times · Aug 20 Trump urges Fed to cut interest rates, says 'they are so afraid of inflation' US President Trump wants the Federal Reserve to lower interest rates soon. He believes the central bank fears inflation and should not raise rates. Policymakers discussed higher rates unless inflation shows more progress. US inflation remains above the Fed's target, despite recent positive data. The economy grew at 1.5% year-on-year…
The Independent UK · Aug 19 'Many' Fed officials think higher rates will be needed if inflation stays high Many Federal Reserve officials think the central bank will have to lift its key short-term interest rate in the coming months if inflation doesn’t subside, minutes of the Fed’s meeting last month showed
The Independent UK · Aug 19 An alarmed bond market gets the Trump administration to act again Normally quiet, the bond market can occasionally send warning signals loud enough to hit stock markets worldwide and even grab the attention of U.S. presidents and other world leaders
Fortune · Aug 19 Bond traders are testing Kevin Warsh: The Fed chair will heed but not be ruled by markets, says the economist who spent years sitting beside him "He wants the Fed to think in terms of the bigger picture ... and people are finding that frustrating, but I think he's been very, very clear."
Barchart · Aug 18 BofA Survey Shows Record Expectations for ‘No Landing’ as Fed Chair Kevin Warsh Preps for Jackson Hole Debut The pressure is on for Warsh ahead of Jackson Hole, both from soaring long-term yields and bullish fund manager forecasts.
Barchart · Aug 17 As 30-Year Yields Spike to 5.31%, Our Top Chart Strategist Warns There’s a Risk to Stocks: ‘In a Word, Yes’ An unusual surge in bond yields could trigger downside in the stock market. Here's what investors need to know about a rally in long-dated yields.