Japan owns $1.2 trillion of US Treasuries.
As Japanese yields rise, the domestic market will attract dollars away from US debt. "Rising long-term interest rates in Japan put upward pressure on long-term US Treasury yields:" Apollo's Torsten Slok Source: Bloomberg, Lisa Abramowitz
BREAKING: U.S. Banking System >>> FDIC warns that 63 Lenders are on the brink of insolvency due to banks sitting on $517 billion in unrealized losses
This is $39 billion higher than the $478 billion recorded in Q4 2023. The surge was driven by higher residential mortgage-backed securities losses held by banks due to rising mortgage rates. Q1 2024 also marked the 10th consecutive quarter of unrealized losses, an even longer streak than during the 2008 Financial Crisis. As “higher for longer” returns, unrealized losses are likely to continue rising. Source: BofA, The Kobeissi Letter
Two clear indications yesterday that the US economy is (finally) slowing down:
1) ISM Manufacturing New Orders rolling back over to 45.4 vs survey of 49.4; 2) Atlanta Q2 GDPNow dropped to 1.8% from 2.7% last week. And down from 4.2% in mid May... Source: Bloomberg, AtlantaFed
Interesting technical development for the uranium mining stocks with the $URA ETF trading at a 10-year high while sector leader Cameco $CCJ is trading at a new all-time-high.
Source: J-C Parets
Psychology of candlestick in one image courtesy of Market Insights
Source: Market Insights
Bitcoin is growing faster than the internet.
Source: Vivek⚡️
Low-volatility regimes can last longer than you think.
Source: Mark Ungewitter
Germany has the shortest average working hours of any advanced economy, with the annual figure falling 30% in the past 50 years and now a quarter below US levels, per FT.
Source: unusual_whales, FT
