Gold and Bitcoin are rallying in tandem as investors take fright at Treasury Secretary Scott Bessent's politically clumsy interventions in the bond market.
Gold has jumped to $4,519/oz, while Bitcoin is back above $72,000. When confidence in policymaking is shaken, both analog and digital gold benefit. Source: Bloomberg, HolgerZ
Yesterday, the Federal Reserve has released the minutes from its July FOMC meeting.
Several officials favored a rate hike, while many said further tightening may be needed if inflation does not decline.
This is very Unusual.
We saw crazy decoupling this week with crypto and stocks going in completely opposite directions. Total Crypto market cap is up +13% after adding $291 billion. Meanwhile US stocks erased -$1.4 Trillion in the same period with S&P 500 falling -1.83%. Source: Bull Theory
Anthropic is preparing to file publicly for its mega-IPO as soon as the end of this month, per Bloomberg.
Anthropic expects its IPO to match or beat SpaceX's record $75 billion raise. Q2 revenue was $11.5 billion. The 2025 net loss was nearly $42 billion. Investors are floating a $2 trillion valuation based on projections of $190 to $200 billion in revenue by 2028. Dario Amodei wants super-voting shares with about 2% ownership. Source: Yahoo Finance
$40 trillion in debt
$1 trillion was first cracked in 1981 and here is how much each President has added since then. Source: Ryan Detick, CMT Visual Capitalist
Yesterday, Wal Mart stock had its worst day since 2022, down 10%
WalMart reported ugly same store sales, which grew below the lowest Wall Street estimate, a slowdown the company blamed on disappointing sales at its Health & Wellness pharmacy division. As a result, $WMT stock plunged more than 10%, Source: Zerohedge
The Bessent twist adds another wrinkle.
Treasury's move initially compressed the long end, which should ordinarily have supported tech through lower discount rates, but tech underperformed the rates rally. Now the 10-year yield is back where it started and tech is rolling over again. With AI increasingly capital-intensive, hyperscaler CDS widening and semis vol having collapsed, the setup is worth watching. Rates relief didn't do much for tech. Now that relief is disappearing. Source: The Market Ear
U.S. Dollar 15-Year Trendline It's Now or Never
Source: Barchart
