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🟢 Commodities is the best performing asset class YTD: WTI Crude is up +14.3%, Silver +11.65% and Gold +8,8% 🟢Global equity markets gained +3.0%. EM equities lead (+8.9%) ahead of Japan (+6.6%), UK (+5.2%), China (+4.7%) and Euro area (+4.1%). As it was the case in 2025, US equities underperform (+1.5%) as Mag 7 are negative YTD 🟢Credit posted modest gains while US Treasuries are slightly down 🔴 Dollar index is down -1.2% 🔴 Bitcoin and Ethereum are the worst performers, down double-digit Source: Augur Infinity
If the goal is "easy on inflation," the history books tell a very different story about Kevin Warsh. Looking back at the FOMC transcripts from 2006-2011, one moment stands out that should make every investor pause. 📍 The Setting: April 2009. The world was still reeling 7 months after the Lehman Brothers collapse. - Unemployment: 9% - Core PCE Inflation: A mere 0.8% - Despite a crashing economy and deflationary pressure, Warsh’s stance was clear: "I continue to be more worried about upside risks to inflation than downside risks." The Takeaway: Warsh has historically been an "inflation hawk," even when the data suggested the opposite. If he takes the helm, we might be looking at a much more aggressive Fed than the "dovish" transition many are currently pricing in. Source: Bloomberg, Anna Wong @AnnaEconomist
If you thought your Tuesday was stressful, take a look at the global markets. We just witnessed one of the most violent 24-hour wealth erasures in modern history. 📉 The numbers are honestly hard to process: 1️⃣ The Metals Massacre 🪙 This wasn’t just a "dip"—it was a cliff dive. - Gold: -10.9% ($4.1 TRILLION evaporated) - Silver: -21.5% - Platinum: -23% - Palladium: -20% Safe havens? Not today. 2️⃣ Tech & Equities Bleed 💻 While the indices didn't drop as far percentage-wise, the dollar amounts are staggering. - Nasdaq: -$480 Billion - S&P 500: -$380 Billion Even the "magnificent" names are feeling the gravity. 3️⃣ Crypto Chaos ₿ Digital assets followed the macro trend down. - Bitcoin: -6.6% (-$108 Billion) - Ethereum: -7.5% (-$25 Billion) Why does this matter for you? In a world of "instant liquidity" and "algorithmic trading," volatility is the new baseline. When correlations go to 1.0, everything drops at once. There was nowhere to hide today. Over $6,500,000,000,000 wiped off the map🧐 Source: Bull Theory