Greetings,
United States: While the debt limit crisis has been averted in the short term, the US Treasury is massively underfunded.
United Kingdom: Gilt yields are surging (2 charts).
The probability of three BoE rate hikes by next June is approaching 80%.
Cryptocurrency: Bitcoin’s spot volume increased over the past few days, reflecting a resurgence of buying activity.
Energy: US crude oil is trading above $80/bbl for the first time since 2014.
The curve is moving deeper into backwardation as the market anticipates tight supplies.
Rates: SOFR swap trading volumes continue to climb.
Food for Thought: Year-over-year rent price changes by state:
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
If you would like to subscribe to the full-length Daily Shot (see example), please register here.