US VP Vance: India and America have finalised terms of reference for a trade deal

🚨🚨Swiss Central Bank is buying Microtrategy shares

China FX regulator: foreign holdings of Chinese bonds rose $26.9b in Feb–Mar, up 84% yoy [foreign = Chinese subsidiaries abroad]

China FX regulator: Will resolutely correct pro-cyclical market activities, prevent currency overshooting risks and fend off abnormal cross-border capital flows

Japanese investors sold $20bn of foreign debt, especially US treasuries, because of the uncertainty caused by Trump's tariffs. Japan holds $1.1tn in US Treasuries across the public and private sectors.

RBC basically says Trump needs Powell because he needs someone to blame

Bloomberg notes gold bulls taper speculative positions as long positioning fall off the 4-year highs despite soaring prices.

🚨IMF just cut a full percentage point off 2025 U.S. growth.

Citigroup chief economist: Tariffs are a stagflationary shock to the US; negative impact of tariffs to be felt mainly in the second half of the year.

The Bloomberg consensus forecast for 2025 US GDP is now sharply declining.

IMF Chief Economist Gourinchas: We can anticipate there will be much lower bilateral trade between the US and China.

Apart from gold, only silver and coffee have posted gains in euros this year (see last column).

In April, Bank of America Global FMS sentiment sunk to 5th lowest level on record

Corporate share buybacks are quickly ramping up starting this week

BTC 90k

Citi's Chief Economist: I don't believe Trump will fire Fed’s Chief Powell. This rubicon will not be crossed.

Today the average number of bulls has dropped to its lowest level since October 2022, while the average number of bears has reached its highest level since that same month

Citigroup's Chief Economist: risk of massive sales of US Treasuries by foreign governments is low since they would also suffer losses