If you ever doubted how big a deal stablecoins were regarding lowering shorterm borrowing costs, this is for you. Since Stablecoin Act, issuance strongly negatively correlates with yields.
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They spent $766 Billion. A $432 BILLION deficit. In one month. Source: Geiger Capital
US CPI confirms disinflation is continuing, not accelerating. Headline CPI: 0.1% MoM, in line with 0.1% consensus Core CPI: 0.2% MoM, in line with expectations Headline CPI: 3.4% YoY, unchanged Core CPI: 2.5% YoY, down from 2.6%. Lowest since March 2021. Real average hourly earnings: +0.2% YoY Energy fell 1.5% in July, and gasoline dropped 2.9%. Core goods inflation remained contained at 0.2% YoY. There is no inflationary case for a rate hike. At least at this stage. The absence of an upside inflation surprise was enough to reassure markets, with US equity futures moving higher following the release. On the less positive side: 1/ Inflation is still above target 2/ Further relief might be difficult to achieve if war in Iran keeps going Source. Daniel Lacalle
Source: Hedgeye, Bloomberg

