🚨Fed's Powell: Officials agree strategic language around both shortfalls of employment and average inflation need to be reconsidered.
*Powel: Fed is undertaking a two-day review of revisions to its framework adopted in 2020.
*Powell: Framework needs to be robust to many circumstances, including a world where supply shocks may be more frequent and persistent.
*Powell: Idea of a moderate overshoot of inflation following weakness became irrelevant given the levels inflation reached.
*Powell: Revisions to Fed communications are also being considered.
*Powell: Certain aspects of the Fed's approach are permanent, such as the focus on inflation expectations.
*Powell: Zero-lower bound still a risk and should be addressed in the framework, though it is no longer a base case given current level of policy rates.
*Powel: Fed is undertaking a two-day review of revisions to its framework adopted in 2020.
*Powell: Framework needs to be robust to many circumstances, including a world where supply shocks may be more frequent and persistent.
*Powell: Idea of a moderate overshoot of inflation following weakness became irrelevant given the levels inflation reached.
*Powell: Revisions to Fed communications are also being considered.
*Powell: Certain aspects of the Fed's approach are permanent, such as the focus on inflation expectations.
*Powell: Zero-lower bound still a risk and should be addressed in the framework, though it is no longer a base case given current level of policy rates.
JP Morgan: Bitcoin has more upside than gold going into the second half of the year.
🚨ETH options show bearish sentiment with traders looking for short term downside protection (negative RRs, high Flys) rather than chasing the rally. [pamp it higher]
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🚨Global Times, a newspaper owned by the Communist Party, just said that the China-US 90 day tariff truce should be extended [Ackman's 180 day pause is coming to life]
*Global Times: The window for mutually beneficial cooperation should extend far beyond a mere 90-day period. Hopefully, the US side will build on the outcomes of the recent talks and continue to meet China halfway
*Global Times: The window for mutually beneficial cooperation should extend far beyond a mere 90-day period. Hopefully, the US side will build on the outcomes of the recent talks and continue to meet China halfway
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Fed's Bostic: Sees 1 rate cut this year amid uncertainty
*Bostic: Economic growth may be 1% or 0.5% this year
*Bostic: Expect slower growth but recession isn't in my outlook [the recession has been cancelled just like that]
*Bostic: US-China de-escalation changes my outlook 'a little'
*Bostic: Economic growth may be 1% or 0.5% this year
*Bostic: Expect slower growth but recession isn't in my outlook [the recession has been cancelled just like that]
*Bostic: US-China de-escalation changes my outlook 'a little'
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