United States: The Treasury market continues to show investors’ unease with the debt ceiling situation (potential risk of default). The X-Date is expected to hit later this month.
Here is the T-bill yield curve.
Some are calling for the US Treasury to issue a trillion-dollar coin and deposit it at the Fed, which would certainly “avoid” default (MMT on steroids).
Eurozone: Hedge funds are boosting their bets against the euro.
China: Power rationing is now widespread.
Rates: Treasuries are headed for their first annual loss since 2014.
Global Developments: Higher oil prices will put downward pressure on global GDP.
Food for Thought: Are long-term interest rates at 5,000-year lows?
Edited by Daniel Moskovits
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