ANDIKA BULLETin 12 JUL 2024

Small report today as I'm helping out my Mum-in-Law move to her new apartment today!

There was Misses across the board overnight in CPI left US macro surprise data languishing in 'not so soft landing' territory...

...as inflation and growth factors have are now tumbling in a 'recession-y' kinda way...

...all of which prompted a surge in rate-cut hopes, with 2024 expectations at their highest since April (61bps) as 2025 is now pricing in four full rate-cuts...

Which sent gold higher (near to record highs), the US dollar lower and Treasury yields plunging...

BUT the picture was very different in equity market land...

where Nasdaq was monkeyhammered 364 pts lower while the Dow clung to unchanged as the S&P ended off around 1% weighed down by Tech.

However as big as the overnight moves are, they hardly register on long-term charts...

Still if you think you had a turbulent day, give a thought for President Biden who is now behind none other than airhead Kamala Harris in the betting for who will get the Democratic Party nod...

As things just get worse for Biden...as he calls Ukraine’s Zelensky ‘President Putin’ in front of NATO leaders in latest brutal gaffe.

Unreal!

And his is the fella with the finger on the nuclear missile button!

On that wonderful thought - have a great weekend!

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