• Today’s overnight market commentary is getting close to Groundhog day as one can get. We see the same familiar pattern of equities in the US and Europe staying close to all-time high/post-pandemic highs, with the exception of tech stocks. Long end Treasury yields remain range-bound, Bund yields are eking higher and that is putting even more pressure on peripheral debt. The commodity bonanza – commodity prices that is – are still near their peak. But backwardation is pretty yuge. The dollar is now down for the year. But it is crypto that is drawing all the attention.
  • We won’t be shedding any tears now that the crypto universe is down 30% from its peak just a week ago. Of course, such losses will certainly not kill off the fiat money replacement theory that the crypto crowd likes to use. In any case, the central bankers of this world will breathe a collective sigh of relief that crypto is tanking without any of their intervention. Money – fiat money that is – remains really cheap, especially in the US where we see renewed fears of a collapse in money market levels.


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