Day two of QRAs is always interesting when you find out the actual t-bill and coupon proportions of the next quarterly funding program:

The oracle of the FOMC Nick Timiraos says 'No change in the Fed Funds rate' at the two day meeting

Are polls really showing Trump pulling ahead of Biden? I can't keep track or trust the polls anymore. Wondering if Live Monitor is seeing anything like what Bill Ackman Bill Ackman is reporting on?

Great tweet by Brad Setser on problems that could arise from a big devaluation by China of its currency

Interesting speculation from Andy Constan on Japan's MOF & Yellen. Lots going on with the Yen right now

Elvira Nabiullina may be one of the best central bankers in the business:

This strikes me as interesting speculation on what Japan's strategy behind the scenes on the Yen might be. Japan has a huge debt load but little external debt, so currency weakness resulting from low interest rates only makes their raw materials purchases more expensive while…

Great reminder from Joseph Wang that the Fed has 3 mandates ... the famous dual mandate is one short of the truth.

$CVX earnings were good but the stock is off about -0.5% in premarket trading (which isn't always an accurate indication)

🇯🇵APRIL BOJ: UNCHANGED (no hike)

USDJPY jumps through 156 handle

Extremely empty policy statement (attached) - to put in context, even when it’s a policy unchanged meeting, they still just cut and paste from the previous meeting statement (over and over again). Why they didn’t…

UBS playing with numerical 'What if' on potential gold demand if all central banks loaded up on metallic reserves, via The Market Ear

This seems worthy of note - Chinese gold trading activity explodes to the upside ... devaluation looming?

It seems like the boom in Chinese auto exports ought to be getting more attention than it is - the rate of change is staggering.

The scale of this UAW win at the Volkswagon plant suggests it's not a one-off event. The zeitgeist may be shifting a bit, with import for autos, inflation & maybe even politics down the road.

Is there any evidence that Israel might have deployed a 'CHAMP' missile in its Iranian attack a few days ago?
wionews.com/world/west-asi…

This move on seized Russian central bank reserves could have serious repercussions:

$PBR dividends are released by Lula. H/T the inimitable Tracy (𝒞𝒽𝒾 )

Nice annotated chart of $SMCI by Jack Farley featuring comments by Forward Guidance guests

Reports & opinions on the Israeli attack on Iran are generally positive, so far

Continual speculation on the Middle East continues. This would be nice if accurate: